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dc.contributor.authorChabot, Benjaminen
dc.contributor.authorKurz, Christopheren
dc.date.accessioned2009-06-12-
dc.date.accessioned2012-06-20T13:15:03Z-
dc.date.available2012-06-20T13:15:03Z-
dc.date.issued2009-
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
dc.language.isoengen
dc.publisher|aYale University, Economic Growth Center |cNew Haven, CTen
dc.relation.ispartofseries|aCenter Discussion Paper |x972en
dc.subject.jelE44en
dc.subject.jelF22en
dc.subject.jelG11en
dc.subject.jelG15en
dc.subject.jelN21en
dc.subject.jelN23en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordcapital marketsen
dc.subject.keywordhome biasen
dc.subject.keywordhistoryen
dc.subject.keywordVictorian overseas investmenten
dc.subject.stwPortfolio-Investitionen
dc.subject.stwKapitalertragen
dc.subject.stwWohlfahrtsanalyseen
dc.subject.stwGroßbritannienen
dc.titleThat's where the money was: Foreign bias and English investment abroad, 1866-1907-
dc.typeWorking Paperen
dc.identifier.ppn601711343en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
dc.identifier.repecRePEc:egc:wpaper:972en

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