From Complementary to Competitive: The London and UK Provincial Stock Markets

This is the replication package for the article on 'From Complementary to Competitive: The London and UK Provincial Stock Markets'<br><br>For many decades there were stock exchanges operating in provincial cities across Britain. We analyze why companies listed on these markets, and how this changed over time. We find that the provincial exchanges had traditionally been complementary to London, providing a trading venue for smaller regional companies. However, they gradually lost their uniqueness, and were increasingly competing with London by listing similar stocks. Much of this change can be explained by shifts in industrial composition leading to more companies being headquartered and listed in the capital, and many of the remaining regional firms cross-listing in London to achieve certification.

本数据集为论文《从互补到竞争：伦敦与英国地方证券市场》的复现包。

数十年来，英国各地地方城市均设有证券交易所。本研究旨在剖析企业选择在这些地方市场上市的动因，以及这一现象随时间推移的演变轨迹。研究发现，传统上地方证券交易所与伦敦证券市场互为补充，为规模较小的区域企业提供了交易场所。然而，此类地方交易所逐渐丧失了自身独特性，通过上市与伦敦市场同质化的证券品种，愈发与伦敦市场形成直接竞争。这一转变在很大程度上可由产业结构的变迁加以解释：越来越多的企业将总部设于首都并在当地上市，而留存的区域企业则多选择在伦敦交叉上市以获取资质认证。