The London Stock Exchange was the largest capital market in the world at the beginning of the twentieth century, but Britain also had numerous other stock markets based in provincial cities and towns. This paper provides the first in-depth quantitative assessment of these markets. We find that...

This paper aims to answer the question if and how much the foreign investors influence the boom and bust of small stock exchanges. It examines the impact of the foreign investors' turnover towards small stock exchange turnover, particularly the Macedonian Stock Exchange. Based on the Macedonian...

Using a novel dataset where all traders are identifiable, we examine trading in the shares of a major company on the London Stock Exchange before 1920. Our main finding is that bid-ask spreads increased in the presence of informed trades. However, we also find that spreads narrowed during...

Using a hand-collected dataset, we examine share trading activity over the period 1882 to 1920 for the North British and Mercantile Insurance Company, one of the largest UK companies of the time. Our main finding is that the steady flow of rentiers into the shareholding constituency of this...

The ownership of German corporations is quite different today from that of Anglo-American firms. How did this come about? To what extent is it attributable to regulation? A specially constructed data set on financing and ownership of German corporations from the end of the 19th century reveals...

The Austrian Institute of Economic Research (WIFO) was long the monopolistic producer of an Austrian stock market index, but in 1981 decided to discontinue its calculation. The founder of the Institute and later Nobel laureate August F. Hayek introduced the index in 1927 when he was guided by...

This study examines how terrorist attacks affect stock returns, the differences in the reaction of stock returns among different sectors and the differences in the reaction among different stock markets. The study focuses on the terrorist attacks that took place in New York City (NYC) on 11...

A curious seasonal anomaly found in finance is the turn of the month effect, where the daily mean return of stock market at the end of a month and beginning of a month is significantly higher than the average daily return of all the days of a month. There have been evidences that certain months...

De 1719 à 2009, les bulles sur les actions diffèrent par leur ampleur à la hausse mais surtout à la baisse car des cours élevés se maintiennent parfois longtemps. C'est toujours l'ensemble du marché qui est porté à la hausse. Ainsi le facteur technologique ne semble pas déterminant...

We investigate monthly returns of Belgian stocks listed on the Brussels Stock Exchange in the period 1838-2010. Our sample covers all stocks in the market over the entire period. Stock returns strongly depend on dividend income: real capital appreciation tends to be negative. Stocks were less...