Bloody foreigners! Overseas equity on the London Stock Exchange, 1869–1929

This article presents data on quantity, capital gains, dividend yields, and total returns of domestic and overseas equities listed on the London Stock Exchange during 1869–1929. Indices are presented for Africa, Asia, Australia (including New Zealand), Europe, Latin America, and North America (as well as for the UK), and for the finance, transportation, raw materials, and utilities sectors in each region. Returns and volatility were typically highest in emerging regions and the raw materials sector. Dividend yields were similar across regions and differences in total returns were due largely to disparities in capital gains. Contingent liability was most extensively employed where leverage was high and the physical assets were either meagre or inaccessible to creditors.