The London Stock Exchange was the largest capital market in the world at the beginning of the twe... more The London Stock Exchange was the largest capital market in the world at the beginning of the twentieth century, but Britain also had numerous other stock markets based in provincial cities and towns. This paper provides the first in-depth quantitative assessment of these markets. We find that they were an important source of financing for regional companies up until circa 1900 and our evidence suggests that their post-1900 decline was largely due to the changing characteristics of publicly-listed firms. We also find that the provincial and London markets became increasingly integrated over time.
For many decades, there were stock exchanges operating in provincial cities across Britain. We an... more For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.
The financial services industry plays a major role in the economy by making it possible for house... more The financial services industry plays a major role in the economy by making it possible for households, companies and governments to access capital. Examining the characteristics and behaviours of financial institutions and markets in the past aids in understanding contemporary market changes, informs corporate policies and leads to better regulations. Long-run and historical analysis can also provide insights into a wide range of modern financial puzzles.
The London Stock Exchange was the largest capital market in the world at the beginning of the twe... more The London Stock Exchange was the largest capital market in the world at the beginning of the twentieth century, but Britain also had numerous other stock markets based in provincial cities and towns. This paper provides the first in-depth quantitative assessment of these markets. We find that they were an important source of financing for regional companies up until circa 1900 and our evidence suggests that their post-1900 decline was largely due to the changing characteristics of publicly-listed firms. We also find that the provincial and London markets became increasingly integrated over time.
For many decades, there were stock exchanges operating in provincial cities across Britain. We an... more For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.
The financial services industry plays a major role in the economy by making it possible for house... more The financial services industry plays a major role in the economy by making it possible for households, companies and governments to access capital. Examining the characteristics and behaviours of financial institutions and markets in the past aids in understanding contemporary market changes, informs corporate policies and leads to better regulations. Long-run and historical analysis can also provide insights into a wide range of modern financial puzzles.
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Papers by Meeghan Rogers