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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