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http://hdl.handle.net/10419/59159
  

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dc.contributor.authorChabot, Benjaminen_US
dc.contributor.authorKurz, Christopheren_US
dc.date.accessioned2009-06-12en_US
dc.date.accessioned2012-06-20T13:15:03Z-
dc.date.available2012-06-20T13:15:03Z-
dc.date.issued2009en_US
dc.identifier.urihttp://hdl.handle.net/10419/59159-
dc.description.abstractWhy did Victorian Britain invest so much capital abroad? We collect over 500,000 monthly returns of British and foreign securities trading in London and the United States between 1866 and 1907. These heretofore-unknown data allow us to better quantify the historical benefits of international diversification and revisit the question of whether British Victorian investor bias starved new domestic industries of capital. We find no evidence of bias. A British investor who increased his investment in new British industry at the expense of foreign diversification would have been worse off. The addition of foreign assets significantly expanded the mean-variance frontier and resulted in utility gains equivalent to a meaningful increase in lifetime consumption.en_US
dc.language.isoengen_US
dc.publisherYale Univ., Economic Growth Center New Haven, Conn.en_US
dc.relation.ispartofseriesCenter Discussion Paper, Economic Growth Center 972en_US
dc.subject.jelE44en_US
dc.subject.jelF22en_US
dc.subject.jelG11en_US
dc.subject.jelG15en_US
dc.subject.jelN21en_US
dc.subject.jelN23en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordcapital marketsen_US
dc.subject.keywordhome biasen_US
dc.subject.keywordhistoryen_US
dc.subject.keywordVictorian overseas investmenten_US
dc.subject.stwPortfolio-Investitionen_US
dc.subject.stwKapitalertragen_US
dc.subject.stwWohlfahrtsanalyseen_US
dc.subject.stwGro├čbritannienen_US
dc.titleThat's where the money was: Foreign bias and English investment abroad, 1866-1907en_US
dc.typeWorking Paperen_US
dc.identifier.ppn601711343en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Center Discussion Papers, Economic Growth Center (EGC), Yale University

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