This paper examines the impact of the Revolution of 1905 on contemporary capital markets by applying an event study on Russian sovereign bonds. The landmark in Russian history comprised violent protests, resulting in the introduction of a parliament and the adoption of a constitution. While this was appreciated by investors, related events and the associated political and economic uncertainty—combined with large financial pressure—resulted in a negative securities market reaction. Further, the Russo-Japanese War, closely linked with the revolutionary events, is considered. Consistent with the established literature, war-related events did not always translate into price reactions. In addition to Berlin, the paper examines the Saint Petersburg Stock Exchange. The results suggest that the two markets were already well integrated at the turn of the 20th century.

中文翻译：

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“同志，让我们前进！”†1905年的革命及其对金融市场的影响

本文通过对俄罗斯主权债券进行事件研究，研究了1905年革命对当代资本市场的影响。俄罗斯历史上的地标性建筑包括暴力抗议活动，导致建立了议会并通过了宪法。尽管投资者对此表示赞赏，但相关事件以及相关的政治和经济不确定性（加上巨大的财务压力）导致了证券市场的负面反应。此外，还考虑了与革命事件密切相关的日俄战争。与现有文献一致，与战争有关的事件并不总是转化为价格反应。除柏林外，本文还研究了圣彼得堡证券交易所。