Click here to download

Finance, a New Old Science
Journal Title: HISTORY OF ECONOMIC THOUGHT AND POLICY 
Author/s: Maria Eugénia Mata, José Rodrigues da Costa, David Justino 
Year:  2018 Issue: Language: English 
Pages:  19 Pg. 75-93 FullText PDF:  275 KB
DOI:  10.3280/SPE2018-002004
(DOI is like a bar code for intellectual property: to have more infomation:  clicca qui   and here 


Corporate Finance is a fashionable field in schools of Economics throughout the World. Although the main epistemological break to identify its scientific character may be established in the decade of the 1950s, this paper demonstrates how much developed financial thought there was in Europe before the First World War. Thanks to considerable growth of international trade, corporations, and multinationals (i.e. rising globalization) during this phase of European civilization, Stock Exchanges flourished in all European countries. Philosophers, businessmen, professors, and lawyers disseminated their burgeoning erudition in financial knowledge, and several authors made large contributions in books devoted to legal features of human economic actions, and in textbooks devoted to political economy.
Keywords: Financial literacy, European Financial Thought, finance forerunners, finance Nobel prizes, mathematical modern finance
Jel Code: B15, B16, B19, B41, G19.

  1. Cardoso J.L. (2002). Confusion de Confusiones, Ethics and options in seventeenth-century stock Exchange markets. Financial History Review, 9(2): 109-123.
  2. Aldcroft D.H. (1987). From Versailles to Wall Street 1919-1929, Middlesex, Penguin Books.
  3. Antwerp W. C. Van (1913). The Stock Exchange from within, New York, Doubleday, Page & C.
  4. Bachelier L. (2006) [1900]. The Theory of Speculation, Princeton, Princeton University Press.
  5. Barro R. and J. Ursúa (2008). Macroeconomic Crises since 1870. NBER Working Paper No. 13940. -- http://www.nber.org/papers/w13940.
  6. Bedarride J. (1901). Des bourses de commerce, agents de change et courtiers, Paris, Arthur Rousseau.
  7. Black F. and M. Scholes (1973). The pricing of options and corporate liabilities. Journal of Political economy, 81(3): 637-654.
  8. Bordo M.D. and J. Williamson (eds) (2003). Globalization in Historical Perspective, Chicago, University of Chicago Press.
  9. Boudon G. (1896). La Bourse et ses Hôtes, Paris, Felixm Ciret et Pedone. Boudon G. (1898). La Bourse Anglaise, Paris, Pedone.
  10. Bozerian J. (1959). La Bourse, ses Opérateurs et ses Opérations, I, Paris, E. Dentu and A. Marescq.
  11. Cagigal J.C.R. (2009). Las origenes de los Mercados Bursátiles en España, 1800-1939. Bolsa, 4: 40-46.
  12. Carreras y Gonzalez M. (1865). Tratado Didactico de Economia Politica, Filosofía del Interés Personal, Madrid, Guijarro.
  13. Cassis Y. (1997). Big Business, The European Experience in the Twentieth Century, Oxford, Oxford University Press.
  14. Cassis Y. (2006). Capitals of Capital, Cambridge, Cambridge University Press.
  15. Chateaudun H.L. de (1870). Traité des valeurs mobilières et des Opérations de Bourse, Placement et Speculation, Paris, Lachaud.
  16. Chévilliard G. (1904). Le Stock Exchange, Paris, Boyveau et Chevilet.
  17. Colson C. (1903). Cours d’Economie Politique Professé à l’Ecole des Ponts et Chaussées, Paris, Gauthier-Villars et Guillaumin.
  18. Cosack C. (1905). Traité de Droit Commercial, II. Translated from German by Léon Mis. Paris, Giard et Brière.
  19. Curtois A. (12º edition, 1902). Traité d’Opérations de Bourse et de Change.
  20. Duguid C. (1901). The story of the Stock Exchange, its History and position, London, G. Richards.
  21. Ekelund R. and R. Herbert (1975). A History of Economic Theory and Method, New York, Mc-Graw-Hill.
  22. Ferraris C.F. (1892). Principii di scienza bancaria, Milan, Ulrico Hoepli.
  23. Fontaine H. (1905). La Bourse et ses Operations légales, Paris, Pedone.
  24. Foreman-Peck J. (ed.) (2001a). Historical foundations of Globalization, Northampton, Elgar.
  25. Foreman-Peck J. (2001b). A history of the world economy, international economic relations since 1850, Brighton, Wheatsheaf Books.
  26. Foreman-Peck J. and L. Hannah (2011). Extreme Divorce, the Managerial Revolution in UK Companies before 1914, Cardiff Economics, Working Papers, E2011/21.
  27. Franchi L. (1890). Manuale del Diritto Commercial Italiano I, Turin, Unione Typografica Editrice.
  28. Galvarriato J.A. (1935). La Bolsa de Madrid. Fundación por la Ley de 10 de Septiembre de 1831. Desenvolvimiento histórico de la Ley y de la Bolsa a través de la primera centuria, Madrid, Bolsa de Madrid.
  29. Graham B. and D. Dodd (1934 [2008]). Security Analysis, New York, Whittlesey House, (McGraw Hill).
  30. Griffiss B. (1925). The New York Call Money Market, New York, The Ronald Press Co.
  31. Guillard E. (1877). Les Opérations de Bourse. Paris, n. p.
  32. Graziani A. (1904). Instituzioni di economia politica,Turin, Fratelli Bocca.
  33. Grünhut, Lazar (1899). I contratti di Borsa apud Manuale di diritto commerciale, marittimo, cambiario, redatto del Dott. Guglielmo Endeman, III, Part I. Translation Carlo Betocchi. Naples, Jovene & C.
  34. Hardach G. (1987). The First World War 1914-1918, Middlesex, Penguin Books.
  35. Haugen R. (1999). The New Finance, The Case against Efficient Markets (second edition), Upper Saddle River, NJ, Prentice-Hall.
  36. Hayaux du Tilly J. (1901). Du marché financier et de sa réglementation, Paris, n.p.
  37. Hautcoeur P-C, A. Rezaee, and A. Riva (2010). Stock exchange industry regulation, The Paris Bourse, 1893-1898. -- http://eh.net/eha/wp-content/uploads/2013/11/Hautcoeurb.pdf.
  38. Hertner P. and G. Jones (eds) (1986). Multinationals, Theory and History, Aldershot, Gower.
  39. Jones, E.L. (1981). The European Miracle, Cambridge, Cambridge University Press.
  40. Jones G. and H. Schröter (eds) (1993). The Rise of Multinationals in Continental Europe, Aldershot, Edward Elgar.
  41. Jones G. (ed.) (1994). The making of global enterprise, London, Frank Cass.
  42. Jones G. (1996). The evolution of international business, an introduction, London, Routledge.
  43. Jones G. (2005). Multinationals and global capitalism from the nineteenth to the twenty-first century, Oxford, Oxford Univ. Press.
  44. Jones G. (2010). Multinational Strategies and Developing Countries in Historical Perspective, Harvard Business School Working Paper 10-076.
  45. Jovanovic F. (2012). Bachelier: not the forgotten forerunner he has been depicted as. An analysis of the dissemination of Louis Bachelier’s work in economics. European Journal of History of Economic Thought, 19(3): 431-451.
  46. Justino D. (1994). História da Bolsa de Lisboa, Lisbon, Bolsa de Valores de Lisboa.
  47. Keynes J.M. (1924). The economic consequences of the peace, London, MacMillan.
  48. Kindleberger C.P. (1987). The World in Depression 1929-1939, London, Penguin Books.
  49. Lafargue M.P. (1897). La fonction économique de la Bourse, Extrait di Devenir Social, April.
  50. Laveleye E. (1898). Éléments d’Économie Politique, Paris, Hachette.
  51. Love J. (2012). The Revolt of the Whip, Stanford, Stanford University Press, MacKenzie D. (2006). An Engine, Not a Camera. How Financial Models Shape Markets, Boston, MIT Press.
  52. Marghieri A. (1886). Il diritto commerciale italiano esposto sistematicamente, I. Naples, Ricardo Marghieri di Gius.
  53. Marx K. (1901). Le Capital, vol III: Le process d’ensemble de la production capitaliste, Paris, Giard et Brière.
  54. Mata M.E. and J.R. Costa (2013). Busines History,, 10.1080/00076791.2013.809525DOI: 10.1080/00076791.2013.809525
  55. Mehra R. and E. Prescott (1985). The Equity Premium, A puzzle. Journal of Monetary Economics, 15: 145-161.
  56. Markowitz H. (1952). Portfolio Selection. Journal of Finance, 7(1): 77-91.
  57. Michie R.C. (1987, 2011). The London and New York Stock Exchanges, New York, Routledge.
  58. Miller M.H. (1999). The History of Finance, an eye-witness account. The Journal of Portfolio Management, Summer: 95-101.
  59. Milward A.S. (1987). War, Economy and Society 1939-1945, Middlesex, Penguin Books.
  60. Moysen A. (1904). Le coulissier contre-partiste en bourse devant la loi pénale, Paris, E. Cassegrain.
  61. Neal L. (1990). The rise of financial capitalism , International capital markets in the age of reason, Cambridge, Cambridge University Press.
  62. New York Stock Exchange Committee of Public Relations (1936). New York stock Exchange, New York, New York Stock Exchange.
  63. Officer L.H. (1989). The remarkable efficiency of the dollar-sterling gold-standard, 1890-1906. The Journal of Economic History, 49(1): 1-41.
  64. O’Rourke K. H. and J.G. Williamson (1999). Globalization and history, the evolution of a nineteenth-century Atlantic economy, Cambridge (MA), MIT Press.
  65. Passos J.R. dos (1905[1899]). A Treatise on the Law of Stock-brokers and Stock-exchange, New York, The Banks Law Publishing C.
  66. Pfleger F.J., and L. Gschwindt (1899). La riforma delle borse in Germania, Turin, Unione Typografico-Editrice Torinese.
  67. Piccinelli F. (1897). Apprezzamento dei valori publici e delle operazioni di borsa, Milan, Ulrico Hoepli.
  68. Poitras G. (2000). The Early History of Financial Economics, 1478-1776, Cheltenham,
  69. Edward Elgar. Poitras G. (2005). Security Analysis and Investment Strategy, Oxford, Blackwell Publishing.
  70. Rambaud P. (1884). Du placement des capitaux en valeurs de Bourse, Paris, Ernest Thorin.
  71. Preda A. (2004). Informative Prices, Rational Investors. The Emergence of the Random Walk Hypothesis and the Nineteenth Century ‘Science of Financial Investments’. History of Political Economy, 36(2): 351-86.
  72. Proudhon P. J. (1857). Manuel du spéculateur à la Bourse, Paris, Garnier Frère.
  73. Raffalovich A. (1900). Bourse. In Say L. and J. Chailley (eds). Nouveau Dictionnaire d’économie politique, I. Paris, Guillauman.
  74. Regnault J. (1863). Calcul des chances et philosophie de la Bourse, Paris, Mallet-Bachelier & Castel.
  75. Rietz T. (1988). The Equity Premium, A solution. Journal of Monetary Economics, 22(1): 117-131.
  76. Roberts R. (2013). Saving the City, The Great Financial Crisis of 1914, Oxford, Oxford University Press.
  77. Rousseau P.L. and R. Sylla (2003). Financial Systems, Economic Growth, and Globalization.
  78. In Bordo M., A. Taylor, and J. Williamson (eds). Globalization in Historical Perspective, Chicago, Chicago University Press.
  79. Rubinstein M. (2003). Great Moments in Financial Economics, II. Modigliani-Miller Theorem. Journal of Investment Management, 1(2): 7-13.
  80. Sayous A. (1898). Les bourses allémandes de valeurs et de commerce et les lois imperials des 22 Juin et 5 Julliet 1896, Paris, Arthur Rousseau.
  81. Schwartz P. (1972). The new political economy of J. S. Mill, Worthing Littlehampton Book Services.
  82. Stringham E.P. (2002). The Emergence of the London Stock Exchange as a Self-Policing Club. Journal of Private Enterprise, 17(2): 1-19.
  83. Stringham E.P. (2003). The extralegal development of securities trading in seventeenth-century Amsterdam. Quarterly Review of Economics and Finance, 43(2): 321-344.
  84. Stabile D.R. (2005). Forerunners of Modern Financial Economics. A Random Walk in the History of Economic Thought, 1900-1950, Cheltenham, UK, Edward Elgar.
  85. Supino C. (1898). La borsa e il capitale improdutivo, Milan, Hoepli.
  86. Supino D. (1875). Le operazioni di borsa seconda la pratica, la legge e l’economia politica, Turin, Fratelli Bocca.
  87. Sylla R. (2010). Financial Foundations, Public Credit, the National Bank, and Securities Markets. In Inwin D. and R. Sylla (eds). Founding Choices, American Economic Policy in the 1790s, Chicago, Chicago University Press: 59-88.
  88. Sylla R., R. Wright and D. Cowen (2009). Central Banker, Crisis Management during the Financial Panic of 1792. Business History Review, 83(1): 61-86.
  89. Thaler E. (1900). Traité Élémentaire de Droit Commercial, Paris, Arthur Rousseau.
  90. Tedeschi F. (1897). Dei contrati di borsa detti diferenziali in Italia ed all’ Estero, Turin, Fratelli Boca.
  91. Ulrich R.E. (1906). Da Bolsa e suas Operações. Coimbra, Imprensa da Universidade de Coimbra. New edition In Mata M.E, D. Justino, and J.R. Costa da (2011). Da Bolsa e suas Operações, Coimbra, Imprensa da Universidade de Coimbra.
  92. Vega J. de la (1688). Confusion de Confusiones, Amsterdam.
  93. Vidal E. (1896). Bourse des valeurs mobilières. In Guyot Y. and A. Raffalovich (eds). Dictionnaire du Commerce, de l’industrie et de la banque, Paris, Guillauman & C.
  94. Vivante C. (1902). Trattato di Diritto Commerciale I Turin, Fratelli Bocca.
  95. Walter C. (2002). From Bachelier’s Dissertation to Portfolio Management Industry, One Aspect of the Bachelier Heritage in Finance. In Courtault de J-M. and Y. Kabanov (eds). Louis Bachelier. Aux origines de la finance mathématique, Besançon, Presses Universitaires
  96. de Franche-Comté. Online version. Walter C.A (2001). The Efficient Market Hypothesis, the Gaussian Assumption, and the Investment Management Industry. EFMA Lugano Meetings. -- http://ssrn.com/abstract=267443.
  97. Weil E. (1902). L’impôt sur les Opérations de Bourse, Paris, Rousseau.
  98. Werner W. and S.T. Smith (1915). Wall Street, New York, Columbia University Press.
  99. Williams J.B. (1938). Theory of Investment Value, Boston, Harvard University Press.
  100. Wilkins M. and H. Schröter (eds) (1998). The free-standing company in the world economy, 1830-1996, Oxford, Oxford University Press.

Maria Eugénia Mata, José Rodrigues da Costa, David Justino, in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 2/2018, pp. 75-93, DOI:10.3280/SPE2018-002004

   

FrancoAngeli is a member of Publishers International Linking Association a not for profit orgasnization wich runs the CrossRef service, enabing links to and from online scholarly content