Remote Investing in Latin America, 1869-1929

Gareth Campbell, Ã ine Gallagher and Richard Grossman

No 19799, CEPR Discussion Papers from Centre for Economic Policy Research

Abstract: Substantial amounts of British capital flowed to Latin America during the first era of globalisation. Companies financed by this capital were typically headquartered in the UK, but operated thousands of miles away. This paper asks how this geographic separation between governance and business activities affected the valuation of these firms. We find that the location of the headquarters played a more important role than the location of operations. Stock prices tended to fluctuate in line with other equities based in the UK, suggesting that they were still regarded as being, at least partially, British companies.

Keywords: Emerging; markets (search for similar items in EconPapers)
JEL-codes: F21 F54 F65 G11 G12 G15 G51 N16 N26 (search for similar items in EconPapers)
Date: 2024-12
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