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Before the cult of equity: the British stock market, 1829–1929
[Rule Britannia! British stock market returns, 1825–1870]

Author

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  • Gareth Campbell
  • Richard S Grossman
  • John D Turner

Abstract

We analyze the development and performance of the British equity market during the era when it reigned supreme as the largest in the world. Using an extensive monthly dataset of thousands of companies, we identify the major peaks and troughs in the market and find a relationship with the timing of economic cycles. We also show that the equity risk premium was modest and, contrary to previous research, domestic and foreign stocks earned similar returns for much of the period. We also document the early dominance of the transport and finance sectors and the subsequent emergence of many new industries.

Suggested Citation

  • Gareth Campbell & Richard S Grossman & John D Turner, 2021. "Before the cult of equity: the British stock market, 1829–1929 [Rule Britannia! British stock market returns, 1825–1870]," European Review of Economic History, European Historical Economics Society, vol. 25(4), pages 645-679.
    • Handle: RePEc:oup:ereveh:v:25:y:2021:i:4:p:645-679.
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    File URL: http://hdl.handle.net/10.1093/ereh/heab003
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    Cited by:

    1. Bogle, David A. & Campbell, Gareth & Coyle, Christopher & Turner, John D., 2022. "Why did shareholder liability disappear?," QUCEH Working Paper Series 22-12, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Harold James, 2023. "Inflation and globalisation: The Tawney Lecture 2022," Economic History Review, Economic History Society, vol. 76(2), pages 391-412, May.
    3. Turner, John D., 2024. "Three centuries of corporate governance in the UK," QUCEH Working Paper Series 24-01, Queen's University Belfast, Queen's University Centre for Economic History.

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