Dr David Chambers

This course is available on the MSc in Financial History. This course is not available as an outside option.

The course provides students with an understanding of how some of the major features of modern finance emerged from the 19th century onwards with a particular focus on the US and UK. There is a particular focus on the main changes in how firms have used modern capital markets over time and on the historical development of institutional investors.

20 hours of seminars in the AT.

Students will be expected to produce 1 essay in the AT.

• Campbell, G., R. Grossman and J. Turner (2021), “Before the cult of equity: the British stock market, 1829–1929” European Review of Economic History.
• Jordà, O., K. Knoll, D. Kuvshinov, M. Schularick, and A. Taylor. 2019. The rate of return on everything, 1870–2015. Quarterly Journal of Economics 134:1225–98.
• Chambers, D., and R. Esteves, (2014), “The First Global Emerging Markets Investor: Foreign and Colonial Investment 1880-1913” Explorations in Economic History 2014, 52: 1-21
• Chambers, D. and E. Dimson (2013), “Retrospectives: John Maynard Keynes, Investment Innovator” Journal of Economic Perspectives vol.27 no.3
• Graham J., M. Leary and M. Roberts (2015), “A century of capital structure: The leveraging of corporate America” Journal of Financial Economics
• Chambers, D. and Dimson, E. (2009), “IPO Underpricing Over the Very Long-Run.” Journal of Finance, 64(3): pp. 1407-1443
• Morrison, A. and Wilhelm W. (2007), “Investment Banking: Past, Present and Future.” Journal of Applied Corporate Finance, 19(1): pp. 42-54

Essay (100%, 4000 words) in January.