Bloody foreigners! Overseas equity on the <scp>L</scp>ondon <scp>S</scp>tock <scp>E</scp>xchange, 1869–1929

Grossman, Richard S.

doi:10.1111/ehr.12075

Cited by 25 publications

(15 citation statements)

References 27 publications

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“…While scholars such as Grossman (2015) have used these data to construct returns to British and overseas equities, Hannah (2018) notes problems with Grossman's (2015) figures on UK equity using these data. We address Hannah's concerns by comparing Indian railway securities listed in the IMM with other administrative sources.…”

Section: Datamentioning

confidence: 99%

“…Second, we double-checked the coding of stocks and shares against the hard copies of the IMM. Grossman (2018) points to such miscoding in the ICF as the source of his mistakes in his Grossman (2015) UK paid-up capital series. In the Indian case, it was straightforward to verify that the capital subscribed was reported as market capitalization of the security at par, often 100 for Indian railways.…”

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confidence: 99%

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Extractive institutions? Investor returns to Indian railway companies in the age of high imperialism

Bogart

Chaudhary

2019

Journal of Institutional Economics

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Did colonial policies in India deliver excessive returns to British investors? We answer this question using annual data on Indian securities trading on the London Stock Exchange. We present new series on market capitalization, capital gains, dividend yields, and total returns of railway securities from 1880 to 1929. The average annual total return on the largest and most important Indian railway securities was 3.7%. These returns were not excessive by any financial standard. Indeed, they were lower than the return on railway securities in North America, Latin America, and Asia. We also undertake an event study analysis to assess whether Indian railways significantly benefited British investors. When the Government of India purchased large positions in the private railway companies between 1880 and 1910, there were opportunities for profit making. However, we find no evidence of abnormal investor returns in the years leading to the purchase of railway companies. Broadly our findings call into question the extractive nature of colonial railway policy.

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Section: Datamentioning

confidence: 99%

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confidence: 99%

Extractive institutions? Investor returns to Indian railway companies in the age of high imperialism

Bogart

Chaudhary

2019

Journal of Institutional Economics

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“…We would also like to thank Stefano Battilossi for help with locating the historical data sources, and staff at the Banco de España archive for assisting with our queries. 1870-1928 Total return on all UK stocks listed on the London stock exchange, capitalization weighted, from Grossman (2002Grossman ( , 2015.…”

Section: -1990mentioning

confidence: 99%

The Rate of Return on Everything, 1870–2015

Jordà¹,

Knoll²,

Kuvshinov³

et al. 2017

ERWP

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This paper answers fundamental questions that have preoccupied modern economic thought since the 18th century. What is the aggregate real rate of return in the economy? Is it higher than the growth rate of the economy and, if so, by how much? Is there a tendency for returns to fall in the long-run? Which particular assets have the highest long-run returns? We answer these questions on the basis of a new and comprehensive dataset for all major asset classes, including-for the first time-total returns to the largest, but oft ignored, component of household wealth, housing. The annual data on total returns for equity, housing, bonds, and bills cover 16 advanced economies from 1870 to 2015, and our new evidence reveals many new insights and puzzles.

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“…1 are paid‐up par values or what the Stock Exchange Official Intelligence (SEOI) described as ‘present amount’ (as opposed to ‘amount authorised’) in ‘nominal’ terms. British and overseas government securities (dominating LSE‐listed par values until the 1880s and from the First World War) are excluded throughout: following Grossman, this discussion is confined to corporates.…”

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confidence: 99%