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Bloody foreigners! Overseas equity on the L ondon S tock E xchange, 1869–1929
Author(s) -
Grossman Richard S.
Publication year - 2015
Publication title -
the economic history review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.014
H-Index - 49
eISSN - 1468-0289
pISSN - 0013-0117
DOI - 10.1111/ehr.12075
Subject(s) - leverage (statistics) , volatility (finance) , dividend , economics , business , monetary economics , financial economics , finance , machine learning , computer science
This article presents data on quantity, capital gains, dividend yields, and total returns of domestic and overseas equities listed on the L ondon S tock E xchange during 1869–1929. Indices are presented for A frica, A sia, A ustralia (including N ew Z ealand), E urope, L atin A merica, and N orth A merica (as well as for the UK ), and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Contingent liability was most extensively employed where leverage was high and the physical assets were either meagre or inaccessible to creditors.