The Pre-World War I British Stock Market and Industrial Decline

第一次世界大战前的英国股市和工业衰退

• 批准号: 9408619
• 负责人: Richard Grossman
• 金额: --
• 依托单位: Wesleyan University
• 依托单位国家: 美国
• 项目类别: Continuing grant
• 财政年份: 1995
• 资助国家: 美国
• 起止时间: 1995-05-01 至 1999-04-30
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=9408619&HistoricalAwards=false
• 关键词: Pre; World; War; British; Stock

9408619 Grossman This research will examine the behavior of the British stock market before World War 1. The major goal of the study is to understand how the development of the market for industrial equities in Britain contributed to the industrial decline of Britain relative to the United States and Germany. It is noted that the price-dividend ratio in the pre-World War 1 Britain was much lower than it was later in Britain, and much lower than in other countries. The study proposes to construct new indices of British industrial stock prices to examine the extent to which British industrial firms found it difficult to raise capital, whether British firms were fearful of "high-tech" firms, and whether the slow growth of managerial capitalism was due to cultural differences. This study is important because the results would shed light on the general process of economic growth, and moreover a fuller understanding of Britain's past would greatly aid in formulating policy for America's future.

9408619格罗斯曼这项研究将检查英国股票市场的行为在第一次世界大战之前。这项研究的主要目标是了解英国工业股票市场的发展如何导致英国相对于美国和德国的工业衰退。值得注意的是，第一次世界大战前英国的市盈率比后来的英国低得多，也比其他国家低得多。该研究建议构建新的英国工业股票价格指数，以研究英国工业企业发现难以筹集资本的程度，英国企业是否害怕“高科技”企业，以及管理资本主义增长缓慢是否是由于文化差异。这项研究之所以重要，是因为其结果将揭示经济增长的一般过程，而且更全面地了解英国的过去将大大有助于制定美国未来的政策。