The Rise (and Retreat) of a Market: English Joint Stock Shares in the Eighteenth Century

1981 ◽  
Vol 41 (3) ◽  
pp. 559-577 ◽  
Author(s):  
Philip Mirowski
Keyword(s):  
Resource Allocation ◽  
Eighteenth Century ◽  
Economic History ◽  
Stock Exchange ◽  
Historical Context ◽  
Efficient Markets ◽  
Share Prices ◽  
Government Interference ◽  
Efficient Markets Hypothesis ◽  
Unambiguous Conclusion

The market for joint stock shares in eighteenth-century England is often portrayed as an underdeveloped and flawed mechanism for resource allocation, which in turn is cited to explain the paucity of shares actually traded. This article questions that interpretation, both by inquiring whether the requisite institutions for a functional market were present, and by constructing a new time series of eighteenth-century share prices and exposing them to a test of the efficient markets hypothesis. Because the stock exchange is found to exhibit most of the conventionally defined characteristics of an effective market, the article concludes by outlining the case for skepticism with respect to a common theme in economic history: the idea that the purported superiority of market resource allocation over alternative non-market forms (in the absence of rigidities due to underdevelopment or government interference) is an unambiguous conclusion in every historical context.

scholarly journals An Investigation of the Weak Form of the Efficient Markets Hypothesis for the Kuwait Stock Exchange

2018 ◽  
Vol 17 (1) ◽  
pp. 1-28 ◽  
Author(s):  
Hesham I. Almujamed ◽  
Suzanne G. M. Fifield ◽  
David M. Power
Keyword(s):  
Stock Exchange ◽  
Weak Form ◽  
Efficient Market Hypothesis ◽  
Share Price ◽  
Efficient Markets ◽  
Efficient Market ◽  
Emerging Stock Markets ◽  
Kuwait Stock Exchange ◽  
Efficient Markets Hypothesis ◽  
Filter Rules

This article investigates the weak form of the efficient market hypothesis (EMH) for the Kuwait Stock Exchange (KSE). In particular, it tests whether share returns on the KSE exhibit patterns which may be used to predict future share price changes. Ten filter rules are tested on weekly data for 42 firms over the period 1998–2011. The results suggest that the KSE was not weak-form efficient because patterns and trends were present in security prices. In addition, the results are consistent with the substantive literature which has argued that emerging stock markets are informationally inefficient, such as Fifield, Power and Sinclair (2005, 2008) and Xu (2010) and particularly those early studies of Al-Shamali (1989) and Al-Loughani and Moosa (1999) that looked at trading rules for the KSE.

scholarly journals Impact of Demerger on Shareholders’ Wealth

2009 ◽  
Vol 1 (1) ◽  
Author(s):  
Ranjit SINGH ◽  
Amalesh BHOWAL ◽  
Varun BAWARI
Keyword(s):  
Value Creation ◽  
Stock Exchange ◽  
Specific Character ◽  
Average Price ◽  
Share Prices ◽  
The Subject ◽  
Time Specific ◽  
Almost All ◽  
Total Wealth

Purpose – The purpose of this paper is to investigate the change in the level of the wealth of the shareholders’ before the demerger and after the demerger.Design/methodology/approach – In the present study the data relating to share prices has been taken from the official website of Bombay Stock Exchange. Here the average of the six months price of the demerged company before demerger and average six months price or the average price upto 31st of July, 2007 has been collected of demerged and resultant company after demerger. Findings – It is found that after demerger there is increase in the total wealth of the shareholders in almost all the cases.Research limitations/implications – Given the nature of this study, generalizations cannot be made as the study is conducted in a bullish market. The time specific character of the subject matter is an opportunity for future longitudinal research.Practical implications – Presently de-mergers are creating enormous wealth for shareholders. It is because of the negative synergy. Due to the demerger this negative synergy is removed and the value is unlocked. However, Investors should differentiate between genuine attempts at value creation and de-mergers undertaken to create hype around the stocks. Stay away from dubious companies that want to manipulate prices. Investors should focus on the quality of management and corporate governance record of the companyOriginality/value – The study is the first of its kind and hence original in nature.Article Type: Research paperKeyword(s): Demerger, Demerged Company, Resultant Company, Negative Synergy, Shareholders Wealth.

Collective Burial in Late Prehistoric Virginia: Excavation and Analysis of the Rapidan Mound

2003 ◽  
Vol 68 (1) ◽  
pp. 109-128 ◽  
Author(s):  
Gary H. Dunham ◽  
Debra L. Gold ◽  
Jeffrey L. Hantman
Keyword(s):  
Eighteenth Century ◽  
North America ◽  
Historical Context ◽  
Late Prehistoric ◽  
Mortuary Ritual ◽  
New Information ◽  
Virginia Piedmont ◽  
Burial Mounds ◽  
Secondary Burial ◽  
Lines Of Evidence

Recent excavation and analysis of the remaining section of the endangered Rapidan Mound site (44OR1) in the central Virginia Piedmont provide new insights into a unique complex of burial mounds in the Virginia interior. Known since Thomas Jefferson's eighteenth-century description, the mounds are both earth and stone and accretional earthen mounds. Thirteen are recorded, all dating to the late prehistoric and early contact era (ca. A.D. 900-1700). Typically containing few artifacts, the accretional mounds are unusual in North America in the numbers of individuals interred, more than one thousand in at least two cases, and in the nature of the secondary, collective burial ritual that built up the mounds over centuries. Following a review of the characteristics of the mound complex, we focus on the Rapidan Mound and the analysis of the collective, secondary burial features in the mound. Precise provenience information and bioarchaeological analyses of two large and intact collective burial features provide new information on health and diet, and several lines of evidence for demographic reconstruction. Finally, we discuss the mortuary ritual conducted at the mounds within the cultural and historical context of the region.

Sex in the City that Peter Built: The Demimonde and Sociability in Mid-Eighteenth Century St. Petersburg

Slavic Review ◽  
2017 ◽  
Vol 76 (4) ◽  
pp. 907-930
Author(s):  
Igor Fedyukin
Keyword(s):  
Eighteenth Century ◽  
Public Sphere ◽  
Large Scale ◽  
Historical Context ◽  
Reading Public ◽  
Associational Life ◽  
The Public ◽  
The World ◽  
The Public Sphere ◽  
The City

This article uses the materials of the Drezdensha affair, a large-scale investigation of “indecency” in St. Petersburg in 1750, to explore unofficial sociability among the Imperial elite, and to map out the institutional, social, and economic dimensions of the post-Petrine “sexual underworld.” Sociability and, ultimately, the public sphere in eighteenth century Russia are usually associated with loftier practices, with joining the ranks of the reading public, reflecting on the public good, and generally, becoming more civil and polite. Yet, it is the privately-run, commercially-oriented, and sexually-charged “parties” at the focus of this article that arguably served as a “training ground” for developing the habits of sociability. The world of these “parties” provides a missing link between the debauchery and carousing of Peter I's era and the more polite formats of associational life in the late eighteenth century, as well as the historical context for reflections on morality, sexual licentiousness, foppery, and the excesses of “westernization.”

The Integration of Mission Theology and Practice: Zinzendorf and the Early Moravians

2008 ◽  
Vol 25 (2) ◽  
pp. 185-210 ◽  
Author(s):  
Robert Gallagher
Keyword(s):  
Eighteenth Century ◽  
Holy Spirit ◽  
Social Issues ◽  
Historical Context ◽  
Cultural Humility ◽  
Spiritual Renewal ◽  
Mission Theology ◽  
Key Characteristics ◽  
The Holy Spirit

AbstractThis paper explores the key characteristics of Count Nikolaus Ludwig von Zinzendorf's mission theology that influenced the early Moravian missional practice. After discussing the early eighteenth century European historical context and the Spirit-renewal of the Herrnhut community, the paper considers Zinzendorf's theology on the death of Christ, the prominent role of the Holy Spirit, and harvesting the "first fruits." These theological distinctives contributed in determining the motivation and message of these pioneer Protestant missionaries. It then takes into account some of the subsequent methods such as working with the marginalized, practicing the love of Christ in cultural humility, and preaching the gospel in the vernacular. The main contributions of the early Moravians to mission were that they brought an understanding that spiritual renewal preceded mission renewal, the atoning death of Christ is central to mission theology, and a Protestant recognition that it had an obligation to do mission. On the other hand, the foremost negative aspects of Moravian mission were their obsession with the physical death of Christ and an ignorance of the broader social issues that at times resulted in a lack of contextualization, religious syncretism, indifference to social justice, and extreme subjectivism.

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