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Financial institutions, government p...

Plache, Lacey L.

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Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875.

Record Type:	Electronic resources : Monograph/item
Title/Author:	Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875./
Author:	Plache, Lacey L.
Description:	197 p.
Notes:	Source: Dissertation Abstracts International, Volume: 60-12, Section: A, page: 4539.
Contained By:	Dissertation Abstracts International60-12A.
Subject:	Economic history. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9952478
ISBN:	9780599563216

Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875.
Plache, Lacey L.

Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875. - 197 p.

Source: Dissertation Abstracts International, Volume: 60-12, Section: A, page: 4539.

Thesis (Ph.D.)--University of California, Los Angeles, 1999.

This dissertation examines the role of financial institutions in French economic development. It evaluates the microstructure and performance of the French stock market during industrialization, revealing a well-functioning market. This success stemmed from an informal market, the Coulisse , that mitigated the anti-competitive effects of government restrictions on the official market, the Parquet. These results challenge the traditional view that underdeveloped financial institutions hindered French industrialization.

ISBN: 9780599563216Subjects--Topical Terms:

548503
Economic history.

Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875.
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100 1 $a Plache, Lacey L. $3 3178724
245 1 0 $a Financial institutions, government policy, and industrialization: The development of the French stock market, 1852--1875.
300 $a 197 p.
500 $a Source: Dissertation Abstracts International, Volume: 60-12, Section: A, page: 4539.
500 $a Chair: Jean-Laurent Rosenthal.
502 $a Thesis (Ph.D.)--University of California, Los Angeles, 1999.
520 $a This dissertation examines the role of financial institutions in French economic development. It evaluates the microstructure and performance of the French stock market during industrialization, revealing a well-functioning market. This success stemmed from an informal market, the Coulisse , that mitigated the anti-competitive effects of government restrictions on the official market, the Parquet. These results challenge the traditional view that underdeveloped financial institutions hindered French industrialization.
520 $a The Parquet contained mainly government and railroad securities, whereas industrial securities dominated the Coulisse. Chapter 1 explores some potential causes of this specialization by sector---costs and benefits of listing to firms and investors, firm characteristics, and government preferences. To test these hypotheses, I examine how listing patterns changed after major institutional shocks. Results show that costs and benefits affected listing, firm type did not alter listing or firm reputation, and the type of government in power changed access to the Coulisse but not to the Parquet.
520 $a Chapter 2 investigates the impact of market structure on stock market access. I model the Parquet-Coulisse competition to provide financial market services as a competition between duopolists selling imperfect substitutes differing in quality. I demonstrate that product differentiation initially generated market specialization in certain securities, but the distinction between the markets decreased after private innovations on the Coulisse instigated public reforms of the Parquet. Although the Parquet expanded its role in French capital markets, the Coulisse retained its strength by changing its area of specialization. These findings reveal that developing capital markets do not constrain economic development if alternative capital market access is available.
520 $a Chapter 2 asserted that firms paid more to list on the Parquet because it offered greater benefits than the Coulisse. Chapter 3 seeks to identify these benefits and thereby assess the value of stock market listing to investors. Based on stock market microstructure and contemporary reports of how stockbrokers chose Parquet securities, I propose two potential benefits of Parquet listing: a signal indicating firm quality and higher liquidity. Analysis confirms only the presence of the liquidity benefit. However, this may result from data imperfections rather than the absence of signaling.
590 $a School code: 0031.
650 4 $a Economic history. $2 fast $3 548503
650 4 $a Finance. $3 542899
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690 $a 0508
710 2 $a University of California, Los Angeles. $3 626622
773 0 $t Dissertation Abstracts International $g 60-12A.
790 $a 0031
791 $a Ph.D.
792 $a 1999
793 $a English
856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=9952478