Please use this identifier to cite or link to this item:
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:
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
DOI Link:
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:
Affiliation: Accounting and Finance
Queen's University Belfast
Queen's University Belfast
Queen's University Belfast

Files in This Item:
File Description SizeFormat 
acheson et al_JEH_2009.pdf273.77 kBAdobe PDFView/Open

This item is protected by original copyright

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.