We analyze the development and performance of the British equity market during the era when it reigned supreme as the largest in the world. Using an extensive monthly dataset of thousands of companies, we identify the major peaks and troughs in the market and find a relationship with the timing of economic cycles. We also show that the equity risk premium was modest and, contrary to previous research, domestic and foreign stocks earned similar returns for much of the period. We also document the early dominance of the transport and finance sectors and the subsequent emergence of many new industries.

中文翻译：

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股权崇拜之前：1829-1929 年的英国股票市场

我们分析了英国股市在其作为世界最大的时代的发展和表现。我们使用包含数千家公司的广泛月度数据集，确定市场的主要高峰和低谷，并找到与经济周期时间的关系。我们还表明，股票风险溢价是适度的，并且与之前的研究相反，国内和国外股票在此期间的大部分时间里都获得了相似的回报。我们还记录了运输和金融部门的早期主导地位以及随后出现的许多新行业。