Monthly Indices of Returns for the British Equity Market, 1825-70

The dataset contains monthly indices of returns for the British equity market covering the period 1825-70. The main data source used is the <i>Course of the Exchange</i>, a stockbroker list for the London Stock Exchange. All common equities from this list are included apart from some stocks for which there is insufficient or missing data and stocks which listed for less than 12 months. Using monthly stock prices from the <i>Course of the Exchange</i>, the team computed capital appreciation, dividend yield and total return for the overall market and for the thirteen industrial/commercial sectors on the market. These returns were computed using three weighting techniques - weighted by market capitalization, weighted by paid-up capital, and equally weighted (or unweighted). Monthly total market capitalization and paid-up capital is also reported for the overall market and for each of the thirteen sectors. In an attempt to control for survivorship bias, adjustments are made to the total returns using three different strategies. Using these strategies, the lower and upper bound estimates of shareholder returns are established.<br> <br>本数据集涵盖1825年至1870年的英国股票市场月度收益指数。其核心数据源为伦敦证券交易所的经纪商报价清单《证券行情》（Course of the Exchange）。该清单收录的普通股均被纳入本数据集，但数据不足、缺失的个股，以及上市时长不足12个月的股票除外。研究团队借助该清单中的月度股价，计算了整体市场以及市场内13个工业/商业板块的资本增值率、股息收益率与总收益率。上述收益率通过三种加权方法计算：按市值加权、按实缴资本加权，以及等权重（或不加权）。 本数据集同时披露了整体市场及13个板块各自的月度总市值与实缴资本。为控制生存偏差（survivorship bias），研究团队采用三种不同策略对总收益率进行调整。基于这些策略，最终确定了股东收益的下限与上限估计值。