Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/12856
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Rule Britannia! British Stock market returns, 1825-1870
Authors: Acheson, Graeme
Hickson, Charles R
Turner, John D
Ye, Qing
Contact Email: graeme.acheson@stir.ac.uk
Issue Date: Dec-2009
Publisher: Cambridge University Press
Citation: Acheson G, Hickson CR, Turner JD & Ye Q (2009) Rule Britannia! British Stock market returns, 1825-1870, Journal of Economic History, 69 (4), pp. 1107-1137.
Abstract: This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.
Type: Journal Article
URI: http://hdl.handle.net/1893/12856
DOI Link: http://dx.doi.org/10.1017/S0022050709001405
Rights: Publisher policy allows this work to be made available in this repository. Published in The Journal of Economic History / Volume 69 / Issue 04 / December 2009, pp 1107-1137 Copyright © The Economic History Association 2009 DOI: http://dx.doi.org/10.1017/S0022050709001405
Affiliation: Accounting and Finance
Queen's University Belfast
Queen's University Belfast
Queen's University Belfast

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