Pre- and post-famine indices of Irish equity prices
HICKSON, CHARLES R.
TURNER, JOHN D.
The market for company stock in Ireland entered its formative period in the mid 1820s with the incorporation of banks and railways. Using data obtained from stockbroker lists, we estimate market capitalisation and construct weighted and unweighted monthly stock market indices for the period 1825 64. Our findings show that the market appears to have been relatively unaffected by the Famine. We suggest that an efficient-market explanation may better explain this finding than a dual-economy explanation. Our findings also show that the stock market increased significantly in value in the post-Famine period. This finding is consistent with an increase in demand for financial assets as well as the rapid commercialisation of the Irish economy.
In order to set up a list of libraries that you have access to,
you must first login
or sign up.
Then set up a personal list of libraries from your profile page by
clicking on your user name at the top right of any screen.