We study technology diffusion mechanisms using a unique historical setting: the introduction of the cyanide method of gold extraction on the Witwatersrand goldfields in the late 19th and early 20th centuries. Mines managed by the same mining house were more likely to adopt the new process, which...

The article is based on a unique data set of securities traded on the Madrid <italic>Bolsa</italic> and the Zurich <italic>Börse</italic> between 1902 and 1925. We examine the pricing of liquidity and demonstrate that the liquidity level of securities was an important determinant of cross-sectional returns. Factors that are...

We obtain daily data for warrants traded on the Johannesburg Stock Exchange between 1909 and 1922, and for a broker's call option quotes on stocks from 1908 to 1911. We use this new data set to test how close derivative prices are to <link rid="b3">Black-Scholes (1973)</link> prices and to compute profits for...