EurHiStock Paris conference April 29-30

The program of next week’s third EurHiStock conference is available at :

http://www.parisschoolofeconomics.eu/IMG/pdf/Prog_Eurhistock__avril_2011.pdf

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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next EurHiStock conference, Paris 29-30 April

Call for applications

Motivation

As its Madrid (2009) and Cambridge (2010) predecessors, this conference will gather financial economists, financial and economic historians interested in the long term changes in European financial markets. Its new feature is that it aims at organizing a network of researchers willing to understand the financial history of Europe considered as a whole rather than as the sum of individual national financial markets. That network will in particular enhance methodological convergence between scholars from finance to history in order to systematically reconstruct and analyse stock-exchange data. A by-product of the project is the creation of a pan-European historical database of securities markets. The workshop will make a state of the art of research in stock market history and launch collaborative research projects at the European level. The six main topics will be: financial integration, initial public offerings (IPOs), microstructures of financial markets, corporate governance, emerging markets, derivative markets. On each topic, a state of the art will be presented and discussed in plenary session, and a workshop will be organized (with 3 workshops in parallel sessions each afternoon) in order to organize future collaborative work.

The organizers
Scientific committee: J. Annaert (Antwerp), S. Battilossi (Carlos III, Madrid), F. Buelens (Antwerp), C. Burhop (Cologne), D. Chambers (Cambridge), P.-C. Hautcoeur (PSE), M. Morys (York), A. Riva (EBS).

Local organizers: P.-C. Hautcoeur and A. Riva
Venue: Paris School of Economics, 48, bd Jourdan 75014 Paris

Application
Although mainly dedicated to the history of European financial markets, the conference will welcome scholars interested in non-European markets if they concentrate on the relationships between these markets and the European ones. Persons wanting to participate to the conference should send to the local organizers either a recent academic paper on any of the financial history topics covered by the conference or a (3-5 pages) statement explaining their interest, experience and projects in financial history. Especially for persons interested in developing the financial history of countries others than Belgium, France, Germany, the U.K. and the U.S., this statement should include a description of the sources available (Stock exchange archives, manuals of brokerage, price lists, etc.) and an analysis of the bibliographic references on the exchange(s) under study. Experience in membership or leadership in cooperative research projects or database building should also be mentioned.
All applicants must also mention (in decreasing order) the topics they are most interested in, in order to organize the parallel sessions as efficiently as possible.

The deadline for application is January 15th. Application must be sent to cardoville@pse.ens.fr  Answers will be delivered by February 1st.

Selected participants at the conference will be asked to send by April 15th a paper or a more detailed version of the above-mentioned statement, that will be circulated among participants.

Funding
Some funding has been gathered for the conference, which should be sufficient for travel and accommodation of most participants. Nevertheless, applicants able to fund part or all of their costs should mention it in their application and will be warmly welcomed and should mention it in their application.

Provisory program

–    April 29
o    9:30 : State of the art presentations (plenary session)
    IPOs: D. Chambers (Cambridge); discussant : tba
    Corporate governance: C. Burhop (Cologne) and M. Deloof (Antwerp)  discussant : Leslie Hannah (LSE)
    Microstructures: P.C. Hautcoeur (PSE) and A. Riva (EBS) ; discussant : Eugene White (Rutgers)

o    14:00 : Data collection and sharing (coord. F. Buelens)
o    15:30 : Topic sessions (parallel sessions)

–    April 30
o    9:30 : State of the art presentations  (plenary session)
    Market integration: Jan Annaert (Antwerp); discussant : tba
    Emerging markets: S. Battilossi (Carlos III) and M. Morrys (York); discussant : Ch. Lundblad (North Carolina) (tbc)
    Derivatives : G. Shea (St Andrews)

o    14:00 : Topic sessions (parallel sessions)
o    Next steps

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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Preparing the European project : a project presented to the European Science Foundation

In order to organize more deeply the European project, I applied last week for the funding of an “exploratory workshop” by the ESF. This would allow organizing a conference in Paris next April (2011) in the continuation of the EurHiStock Madrid (2009) and Cambridge (2010) conferences; in contrast to there ones however, I would like more synthetic “state of the art” and programmatic papers to be presented, most European countries to be represented and common good practices and collaborative projects to be discussed.

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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Preparing the European project: Antwerp

F. Buelens, A. Riva and I met on March 26th in Antwerp at the impressing office of Frans (maybe 100 square meters overwhelmed with the collections of any kind of financial information on Belgium for that last two centuries). Frans showed us the database he has been working on in the last ten years, and we discussed the organization of the project.

In terms of database building, the following points (and likely some others) must be clarified:

–         How can one convince participants to share the data they have built (and will build) ?

  • Part of the answer is that they will be able to improve these data by including foreign details. But this may not be immediate…
  • Another answer is that this would be a condition for accessing the European database.
  • Another is to guarantee due reference to their work
  • More suggestions welcome.

–         How can one have enough coordination of data accumulation in order to make comparisons and European-level research possible ?

–         How can participants be sure they will be able to access the data ? (both technically – at distance – and legally – without undue restrictions).

–         How can participants be sure the University of Antwerp will provide the maintenance and security needed for the long term viability of the project ?

These questions should be given answers at the Paris meeting I plan to organize in September.

They can be debated on this blog up to that date.

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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Next Eurhistock conference: the programme

The programme of the next Eurhistock conference, organized by S. Battilossi, D. Chambers and myself at Cambridge Judge Business School on April 8-10 is available here

thanks to David for his organization !

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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Portuguese team shares bibliography

Maria Eugenia Mata and Jose Rodrigues Da Costa have produced a bibliography on the Portuguese financial market and the Lisbon stock exchange which they propose to share with project’s participants. Ask at memata@fe.unl.pt.

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

More Posts - Website

L. Borodkin joins with a Russian team

Members may include: Prof. Dr. Leonid
Borodkin (Head of the Centre for Economic History at the History Faculty, Moscow Lomonosov State University); Assist. Professor, Dr. Anna Dmitrieva (same
affiliation); Prof. Dr. Pavel Lizunov (Northern Federal University, Arkhangelsk); Darya Anisimova and Ekaterina Fedoseyeva (MA students at Lomonosov); Dr. Gregory Perelman (San Francisco Univ.)

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

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Hello, fellow historian of financial market

This  blog is created in order to help develop research on the history of European financial markets in the 19th and 20th centuries, especially stock exchanges. It should serve as a tool for the participants of a research project under construction that aims at understanding the functionning of the European financial market as a whole, or as a number of interactions (to be specified) between national (or eventually local) financial markets, in particular a competition among stock exchanges.

Any interested reader is welcome to post comments. All participants in the project should post messages as well as comments.

Pierre-Cyrille Hautcoeur

Pierre-Cyrille Hautcoeur

I have been working (inter alia) on the history of financial markets and stock exchanges since my dissertation, which emphasized the role of the Paris Bourse in the financing of French firms from 1890 to 1936. Recently, I worked with David Le Bris in presenting and analyzing a new stock index for the Paris Bourse (1854-2007), and with Angelo Riva, Paul Lagneau-Ymonet and A. Rezzae on the microstructures of the Paris Bourse in the 19th c. My interest in the history of European Stock Exchanges project results from the following: - the observation that today's financial markets being well integrated, their understanding, organization and regulation require at least a vision at the European level; although organization and regulation were national, integration was certainly important in the 19th c., and we may understand better competition among markets and the impact of different regulations when studying that period. We should also learn from the variety of fates that stock markets suffered in the 20th c. - the methodological conviction that only firm level data for a large number of firms will allow substantial progress on most questions in financial history. - substantial changes in regulation are few, so that their long term observation and the comparison of the regulations of various countries (and exchanges) is key to its understanding. My present projects include: - understanding French exchanges more broadly by including the provincial exchanges (on which many SMEs were listed) into their study; this covers mostly the 1850-1960 period. - developing a conceptual framework for the comparison of the microstructures of stock exchanges and for the quantitative test of their relative efficiency. For more details, look at my website, which includes links to most of my papers.

More Posts - Website