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From Complementary to Competitive: The London and U.K. Provincial Stock Markets

Published online by Cambridge University Press:  24 March 2020

Meeghan Rogers ,
Gareth Campbell  and
John Turner
Meeghan Rogers
Affiliation:
Assistant Professor at Farmingdale State College, 2350 Broadhollow Road, Farmingdale, NY11735. E-mail: rogersm@farmingdale.edu.
Gareth Campbell
Affiliation:
Professor at Queen’s UniversityBelfast, BT7 1NN. E-mail: gareth.campbell@qub.ac.uk.
John Turner
Affiliation:
Professor at Queen’s UniversityBelfast, BT7 1NN. E-mail: j.turner@qub.ac.uk.
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Abstract

For many decades, there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition, leading to more companies being headquartered and listed in the capital and many of the remaining regional firms cross-listing in London to achieve certification.

Type
Article
Information
The Journal of Economic History , Volume 80 , Issue 2 , June 2020 , pp. 501 - 530
Copyright
© The Economic History Association 2020

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