next EurHiStock conference, Paris 29-30 April

Call for applications


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

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  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.

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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