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Did French stock markets support firms of the second industrial revolution?

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  • Emilie Bonhoure
  • David Le Bris

Abstract

Investing in the Second-Industrial-Revolution (2IR) firms at the beginning of the 20th century exposed investors to strong information asymmetries due to the novelty of these industries and the lack of legal rules on transparency and public accounting. We analysed the firms listed in Paris at the start of the 2IR. Despite the strong informational asymmetries, the Paris financial markets did provide high valuation to firms involved in emerging activities as revealed by higher Tobin’s Q. This result holds when controlling for risk, liquidity, governance and nationality. Results on the dividend yield, nevertheless, do not confirm the support.

Suggested Citation

  • Emilie Bonhoure & David Le Bris, 2021. "Did French stock markets support firms of the second industrial revolution?," Business History, Taylor & Francis Journals, vol. 63(6), pages 914-943, August.
    • Handle: RePEc:taf:bushst:v:63:y:2021:i:6:p:914-943
    DOI: 10.1080/00076791.2019.1657409
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