The rate of return on equity across industrial sectors on the British stock market, 1825-701 RATE OF RETURN ON EQUITY
The rate of return on equity across industrial sectors on the British stock market, 1825-701 RATE OF RETURN ON EQUITY
复制标题
英国股票市场各工业部门的股本回报率，1825-701 年股本回报率
DOI：
10.1111/j.1468-0289.2010.00573.x
复制
发表时间：
2011
期刊：
影响因子：
--
通讯作者：
HICKSON C
中科院分区：
文献类型：
--
作者：
HICKSON C
本文评估了1825年至1870年期间各工业部门对英国股票市场增长的贡献。报告还提供了这一时期这些工业部门的收益率估计数。然后，本文继续研究不同部门的回报率差异是否可以用风险或其他金融因素来解释。其中一项主要的研究结果是，银行、保险和杂项部门的回报率相对较高，似乎在某种程度上是由于存在扩大的负债和未催缴资本。
This article assesses the contribution of the various industrial sectors to the growth of the British equity market in the 1825–70 period. It also provides estimates of the rates of return on these industrial sectors in this period. The article then proceeds to examine whether differences in rates of return across the various sectors can be explained by risk or other financial factors. One of the main findings is that the relatively high rates of return in the banking, insurance, and miscellaneous sectors appear to be in some measure explained by the presence of extended liability and uncalled capital.