The Proximate Determinants of Domestic Investment in Victorian Britain
研究了维多利亚时代英国资产市场与投资行为的关系，发现投资波动与已安装资本估值和新资本供给价格之间的差异有关，并分析了实际股价对投资的影响。
This paper attempts to shed new light on the proximate determinants of domestic investment in Victorian Britain by focusing on the relationship between asset markets and investment behavior. It demonstrates that Victorian investment fluctuations were associated with divergences between the valuation of installed capital as determined in asset markets and the supply price of new capital as determined in commodity markets. After showing how investment fluctuations in Victorian Britain were related to real equity prices, the paper concludes with a summary of findings on the determinants of real share prices.