The Open UniversitySkip to content
 

Individual Investors and Portfolio Diversification in Late Victorian Britain: How Diversified Were Victorian Financial Portfolios?

Sotiropoulos, Dimitris P. and Rutterford, Janette (2018). Individual Investors and Portfolio Diversification in Late Victorian Britain: How Diversified Were Victorian Financial Portfolios? The Journal of Economic History, 78(2) pp. 435–471.

Full text available as:
[img]
Preview
PDF (Accepted Manuscript) - Requires a PDF viewer such as GSview, Xpdf or Adobe Acrobat Reader
Download (803kB) | Preview
DOI (Digital Object Identifier) Link: https://doi.org/10.1017/S0022050718000207
Google Scholar: Look up in Google Scholar

Abstract

This article investigates Victorian investor financial portfolio strategies in England and Wales during the second half of the nineteenth century. We find that investors held on average about half of their gross wealth in the form of four or five liquid financial securities, but were reluctant to adopt fully contemporary financial advice to invest equal amounts in securities or to spread risk across the globe. They generally held under-diversified portfolios and proximity to their investments may have been an alternative to diversification as a means of risk reduction, especially for the less wealthy.

Item Type: Journal Item
Copyright Holders: 2017 Economic History Association
ISSN: 1471-6372
Keywords: diversification; portfolio theory; portfolio characteristics; portfolio risk
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Research Group: Innovation, Knowledge & Development research centre (IKD)
Item ID: 51373
Depositing User: Dimitris Sotiropoulos
Date Deposited: 09 Oct 2017 08:12
Last Modified: 04 Jun 2019 16:49
URI: http://oro.open.ac.uk/id/eprint/51373
Share this page:

Metrics

Altmetrics from Altmetric

Citations from Dimensions

Download history for this item

These details should be considered as only a guide to the number of downloads performed manually. Algorithmic methods have been applied in an attempt to remove automated downloads from the displayed statistics but no guarantee can be made as to the accuracy of the figures.

Actions (login may be required)

Policies | Disclaimer

© The Open University   contact the OU