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Item Type Article
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AA00260481-19940000-03920165  
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Title
Title Shares in South-West mines as portfolio investments, 1861-92  
Kana  
Romanization  
Other Title
Title  
Kana  
Romanization  
Creator
Name 工藤, 教和  
Kana クドウ, ノリカズ  
Romanization Kudo, Norikazu  
Affiliation Society of Business and Commerce, Keio University  
Affiliation (Translated)  
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Publisher
Name  
Kana  
Romanization  
Date
Issued (from:yyyy) 1994  
Issued (to:yyyy)  
Created (yyyy-mm-dd)  
Updated (yyyy-mm-dd)  
Captured (yyyy-mm-dd)  
Physical description
 
Source Title
Name Keio business review  
Name (Translated)  
Volume 31  
Issue  
Year 1994  
Month  
Start page 21  
End page 45  
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Abstract
Estimating rates of return on British overseas investments is a popular topic among recent studies on the effects of capital exports on British industrial performance since the last quarter of the 19th century. Until shares in foreign mines became attractive assets in the London capital market, domestic investments dominated, yet there are virtually no calculations on them. Based on reconstructed cash flow data collected from the Mining Journal, estimations on portfolio investment will be made using the concept of the Internal Rates of Return (IRR). They will be calculated for major Devon and Cornwall mines between 1861 and 1892 to speculate about the following arguments ; that firstly, the south-west mines, except for a few, were not considered as desirable financial assets because of their short lives and extreme fluctuations in financial performance, and secondly, that on the other hand, the fluctuations themselves created opportunities for making immediate profits by sharedealing. As such, they were very attractive as objects for speculation. There may have been two kinds of investors : those who were shareholders of a small number of celebrated mines which were continously lucrative in terms of both dividends and high evaluation in the share market, and those who were seeking quick capital gains from sharedealing and were more interested in the market price of the shares than the mining activity itself. An analysis of the ways in which developments in the share market were reflected on the conservative attitudes in mine management in the south-west of England will be required.
 
Table of contents

 
Keyword
rates of return  

internal rates of return  

portfolio investments  

non-ferrous metal mining  

the south-west of England  

foreign mines  

London capital market  

late 19th century  
NDC
 
Note

 
Language
英語  
Type of resource
text  
Genre
Journal Article  
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Last modified date
Mar 29, 2024 05:45:10  
Creation date
May 07, 2007 11:01:46  
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Index
/ Public / Faculty of Business and Commerce / Keio business review / 31 (1994)
 
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