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"Davis, Lance E. (Lance Edwin)"
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Evolving financial markets and international capital flows : Britain, the Americas, and Australia, 1865-1914
\"This study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1865 to 1914\"--Jacket.
Book
Evolving Financial Markets and International Capital Flows
This 2001 study examines the impact of British capital flows on the evolution of capital markets in four countries - Argentina, Australia, Canada, and the United States - over the years 1870 to 1914. In substantive chapters on each country it offers parallel histories of the evolution of their financial infrastructures - commercial banks, non-bank intermediaries, primary security markets, formal secondary security markets, and the institutions that provide the international financial links connecting the frontier country with the British capital market. At one level, the work constitutes a quantitative history of the development of the capital markets of five countries in the late nineteenth century. At a second level, it provides the basis for a useable taxonomy for the study of institutional invention and innovation. At a third, it suggests some lessons from the past about modern policy issues.
eBook
Naval blockades in peace and war : an economic history since 1750
A number of major blockades, including the Continental System in the Napoleonic Wars, the War of 1812, the American Civil War, and World Wars I and II, in addition to the increased use of peacetime blockades and sanctions with the hope of avoiding war, are examined in this text.
Book
The pursuit of Leviathan
In Pursuit of Leviathan traces the American whaling industry from its rise in the 1840s to its precipitous fall at the end of the nineteenth century. Using detailed and comprehensive data that describe more than four thousand whaling voyages from New Bedford, Massachusetts, the leading nineteenth-century whaling port, the authors explore the market for whale products, crew quality and labor contracts, and whale biology and distribution, and assess the productivity of the American fleet. They then examine new whaling techniques developed at the end of the nineteenth century, such as modified clippers and harpoons, and the introduction of darting guns. Despite the common belief that the whaling industry declined due to a fall in whale stocks, the authors argue that the industry's collapse was related to changes in technology and market conditions. Providing a wealth of historical information, In Pursuit of Leviathan is a classic industry study that will provide intriguing reading for anyone interested in the history of whaling.
eBook
The Highest Price Ever: The Great NYSE Seat Sale of 1928–1929 and Capacity Constraints
During the 1920s the New York Stock Exchange's position as the dominant American exchange was eroding. Costs to customers, measured as bid-ask spreads, spiked when surging inflows of orders collided with the constraint created by a fixed number of brokers. The NYSE's management proposed and the membership approved a 25 percent increase in the number of seats by issuing a quarter-seat dividend to all members. An event study reveals that the aggregate value of the NYSE rose in anticipation of improved competitiveness. These expectations were justified as bid-ask spreads became less sensitive to peak volume days.
Journal Article
Capital Immobilities, Institutional Adaptation, and Financial Development: The United States and England, An International Comparison
Der Verfasser untersucht die Entwicklung der nationalen Kapitalmarkte Englands und der Vereinigten Staaten Mitte und Ende des 19.Jahrhunderts. Er gliedert England und die Vereinigten Staaten in sieben bzw. sechs Regionen auf und zeigt anhand von Zeitreihen der in diesen Regionen durchschnittlich geltenden Zinssatze, daB die auf verschieden hohes regionales Wachstum zuruckfuhrbaren Zinssatzunterschiede betrachtlich sind, solange es noch keine Institutionen gibt, die den Kapitaltransfer erleichtern, und daB dann parallel zur Entwicklung der nationalen Kapitalmarkte eine signifikante Nivellierung der regionalen Zinssatzunterschiede festgestellt werden kann. Dabei spielt es nur eine untergeordnete Rolle, wie die Mobilitat des Kapitals zustande kommt: durch die Ausdehnung des Bankenzweigstellennetzes, die Verbreitung von Interbankkrediten oder die Zunahme von Wechselgeschaften. Die Untersuchung soil verstanden werden als Ausgangspunkt fur die Frage, wie hoch die Wachstumsverluste bei Kapitalimmobilitat sind und wie schnell verschiedene Institutionen entstehen, die dieses Wachstumshemmnis uberwinden.
Journal Article
Stock Ownership in the Early New England Textile Industry
The unique features of ownership patterns in the early New England textile industry have long been recognized. Hitherto it has been the interlocking or horizontal relationships that have been studied. This article deals, instead, with the vertical pattern — describing ownership in terms of occupational groupings of all the investors rather than the kinship of the dominant owners. Conclusions are drawn in respect to such important points as the principal sources of textile capital, the rate of mercantile capital reinvestment in manufacturing, the relationship between investment and industry integration, and the increasing importance of nonbusiness and institutional vested interests.
Journal Article