Professor of Economics Richard Grossman’s paper, “A Monthly Stock Exchange Index for Ireland, 1864-1930,” was published June 5 in the European Review of Economic History. Co-authored by professors at Trinity College Dublin, All Souls College (Oxford, UK), and Greater London Authority, the paper constructs new monthly Irish stock market price indices for 1864-1930. According to the abstract: “In addition to a total market index covering 118 equity securities issued by ninety-four companies, sectoral indices are presented for railways, financial services companies, and “other” companies. Nominal equity prices doubled between 1864 and 1898. Between the turn of the century and 1914, prices fell by 25 percent, in contrast to the price increases experienced on the London exchange. Overall, the average annual gain in equity prices over the period was just 0.9 percent. We speculate about the respective roles of Irish politics and international shocks in driving these trends.”
Read the full paper here.