Living La Vida Loca? Remote Investing in Latin America, 1869-1929

Gareth Campbell (), Áine Gallagher () and Richard Grossman
Additional contact information
Gareth Campbell: Queen’s University Belfast
Áine Gallagher: Queen’s University Belfast

No 2024-013, Wesleyan Economics Working Papers from Wesleyan University, Department of Economics

Abstract: Substantial amounts of British capital flowed to Latin America during the latter part of the nineteenth and early twentieth centuries. Companies financed by this capital were typically headquartered in the UK, but operated thousands of miles away. This paper asks how this separation between governance and place of business 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: Latin America; equity markets; portfolio investing; 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)
Pages: 42 pages
Date: 2024-12
New Economics Papers: this item is included in nep-fdg, nep-his and nep-lam
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http://repec.wesleyan.edu/pdf/rgrossman/2024013_grossman.pdf (application/pdf)

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Working Paper: Living La Vida Loca? Remote Investing in Latin America, 1869-1929 (2024)
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Persistent link: https://EconPapers.repec.org/RePEc:wes:weswpa:2024-013

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