Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/312072 
Year of Publication: 
2024
Series/Report no.: 
CESifo Working Paper No. 11562
Publisher: 
CESifo GmbH, Munich
Abstract: 
Substantial amounts of British capital flowed to Latin America during the latter part of the nineteenth and early twentieth centuries. Companies financed by this capital were typically headquartered in the UK, but operated thousands of miles away. This paper asks how this separation between governance and place of business affected the valuation of these firms. We find that the location of the headquarters played a more important role than the location of operations. Stock prices tended to fluctuate in line with other equities based in the UK, suggesting that they were still regarded as being, at least partially, British companies.
Subjects: 
Latin America
equity markets
portfolio investing
emerging markets
JEL: 
F21
F54
F65
G11
G12
G15
G51
N16
N26
Document Type: 
Working Paper
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