Beresford's Revenge: British Equity Holdings in Latin America, 1869-1929

Abstract

This paper presents monthly capital gain, dividend yield, and total return indices, and measures of total capitalization for common equity of Latin American and Caribbean-based firms quoted on the London Stock Exchange during 1869-1929. In addition to an overall Latin American index, I present and analyze sub-indices for countries (e.g., Argentina, Brazil, Chile) and industrial sectors (e.g., banks, mines, railways) with extensive UK listings. I compare the Latin American and Argentinian indices with data from Argentina's Bolsa index during 1900-1929. I also use the indices to compare equity market fluctuations across Latin American sectors and countries during the Baring crisis of 1890.

Keywords: Argentina, Baring crisis, economic history, Latin America, London Stock Exchange

JEL Classification: G01, G10, N23, N26