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Paris Stock Exchange 1870-1914: Financial information and portfolio choices

Abstract : This PhD dissertation is composed of four chapters dedicated to the study of the Paris Stock Exchange and French investments from 1874 to 1914. It follows a cliometric approach, whereby historical facts are analysed using the statistical and theoretical tools of financial economics.The first chapter contributes to a re-evaluation of the history of financial economics. It shows that French financial advice before 1914 was part of a proto-science which laid the foundations for the Modern Portfolio Theory (M.P.T.) developed from the 1960s onwards. This finding justifies the use of the M.P.T in the second chapter to assess the rationality of international portfolio choices. We demonstrate the rationality of huge capital flows toward foreign countries and in particular toward European countries. We note the rationality of the French investor's preference for European securities, and the bias towards "young nations" in British investments. The third chapter introduces an original database composed of the monthly returns for all the types of securities listed on the Paris Stock Exchange from 1874 to 1914. It is a reliable indicator of Paris Stock Exchange performances and of the public information available in France at that time. In the fourth chapter, we make the first assessment of the advice provided by the French financial analyst A. Neymarck (1913), prior to 1914. We show that the risk of each asset category is correctly evaluated, evidence the ranking of the suggested portfolios according to the investors' wealth, and pinpoint the few imperfections of his advice.
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Submitted on : Friday, March 22, 2019 - 10:32:50 AM
Last modification on : Tuesday, February 15, 2022 - 4:06:24 PM

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  • HAL Id : tel-02076477, version 1


Cécile Edlinger. Paris Stock Exchange 1870-1914: Financial information and portfolio choices. Economics and Finance. Université de Lorraine, 2016. English. ⟨NNT : 2016LORR0055⟩. ⟨tel-02076477⟩



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