Theoretical and historical experience suggests a financial centre may either include a single, consolidated and loosely regulated stock exchange attracting all intermediaries and actors, or a variety of exchanges going from strictly regulated to completely unregulated and adapted to the needs of...

The literature in financial history usually considers London as the only centre of the late 19th century's financial globalization, and explains it at least in part by the efficient microstructure (organization) of the London Stock Exchange (LSE). The LSE is characterized as having been a little...

Cet article analyse la performance à long terme des fonds indiciels français en utilisant l'erreur de suivi (Tracking error) comme la mesure la plus appropriée dans le domaine de la gestion indicielle. Malgré la forte croissance des fonds indiciels en France et aux Etats-Unis depuis 1990,...

This paper is the first result of a project aiming at understanding the history of bankruptcy law from an empirical economic perspective. By contrast with some proponents of "law and economics" (e.g. La Porta & alii, 1998), we consider that the impact of bankruptcy law on national economic...

Stock market indices are today a vital and daily tool for both economists and actors in the financial world. The multiplication and the very importance given to these indices raise the question of their accuracy and of the reliability of the methods that are used to construct them. We begin an...

This paper aims at giving an explanation of the changes in the number of bankruptcies during the second part of the 19th century and the beginning of the 20th. We wonder in particular whether changes in bankruptcy law, which are substantial during the period, suffice to explain the rise in the...

We analyze a new blue chips (large caps) stock index for France from 1854 to 1998. We detail its methodology and show that it differs profoundly from earlier indices, and that it is more consistent with the French financial and economic history. We suggest this result casts some doubt on many...

Ce papier constitue le septième chapitre de l'Histoire du marché financier français au 19 ème siècle (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous étudions les transformations profondes qui touchent le système bancaire au milieu du 19 ème siècle et...

This paper is the eleventh chapter of a book forthcoming in January 2007 under the title Histoire du marché financier français au 19 ème siècle (a history of the French capital market in the 19th century). He discusses the macroeconomics of the great depression of the late 19th century from...

Ce papier constitue le premier chapitre de l'Histoire du marché financier français au 19 ème siècle (à paraître en janvier 2007, publications de la Sorbonne). Dans ce chapitre, nous cherchons à montrer la diversité des éléments constituant le système financier au début du XIX ème...