The rate of return on equity across industrial sectors on the British stock market, 1825-70

This article assesses the contribution of the various industrial sectors to the growth of the British equity market in the 1825–70 period. It also provides estimates of the rates of return on these industrial sectors in this period. The article then proceeds to examine whether differences in rates of return across the various sectors can be explained by risk or other financial factors. One of the main findings is that the relatively high rates of return in the banking, insurance, and miscellaneous sectors appear to be in some measure explained by the presence of extended liability and uncalled capital.

The character and denomination of shares in the Victorian equity market

The seminal work of J. B. Jefferys highlighted two unusual features of the Victorian equity market, namely high share denomination and uncalled capital. This article examines the extent to which publicly traded company stocks in the nineteenth century had these features. It also analyses the effect of these features on stock returns using monthly data for the London Stock Market over the period 1825–70. We find that stocks with unpaid capital earned a higher return, which is consistent with investors being rewarded for the risk of a call on their personal assets. We also find that stocks with a high share denomination earned a lower return, which is consistent with the view that this feature was conducive to superior corporate governance.

Peacebuilding at the Local Level: Refugee Return to Prijedor'

During the 1992-95 war, Prijedor was synonymous with mass killing, ethnic cleansing and detention camps. A decade after the end of the war, international agencies consider this town to be an example of successful foreign intervention. Thousands of Muslim displaced persons (DPs) returned to their pre-war homes, mosques have been rebuilt, and hard-line Serb nationalists have lost much influence. How could Prijedor turn from a hopeless case of ethnic violence to an example of successful intervention? This essay argues that Prijedor's (relative) success is due more to the determination of Muslim DPs than to the international peacebuilding strategy. The initial post-Dayton international intervention exacerbated the problem of internal displacement, raised ethnic tensions and left Prijedor in the hands of the same indicted war criminals responsible for the war. Against the advice of international agencies, which feared a backlash among the Bosnian Serbs, in 1998 Muslim DPs began returning home. Eventually, large-scale return improved ethnic relations and helped marginalize Bosnian Serb extremists. The essay concludes by highlighting the lessons from Prijedor, and identifies the domestic and international contribution to Prijedor's post-settlement success.

Technology and the architecture of markets: re-configuring the Canadian equity market

This paper examines the relation between technical possibilities, liberal logics, and the concrete reconfiguration of markets. It focuses on the enrolling of innovations in communication and information technologies into the markets traditionally dominated by stock exchanges. With the development of capacities to trade on-screen, the power of incumbent market makers has been challenged as a less stable array of competing quasi-public and private marketplaces emerges. Developing a case study of the Toronto Stock Exchange, I argue that narrative emphasis on the performative power of sociotechnical innovations, the deterritorialisation of financial relations, and the erosion of state capacities needs qualification. A case is made for the importance of developing an understanding of: the spaces of encounter between emerging social technologies and property rights, rules of exchange, and structures of governance; and the interplay of orderings of different institutional composition and spatial reach in the reconfiguration of market architectures. Only then can a better grasp be gained of the evolving dynamics between making markets, the regulatory powers of the state, and their delimitations.