Learning and the Creation of Stock-Market Institutions: Evidence from the Royal African and Hudson's Bay Companies, 1670–1700
利用两家合股公司30年的股票交易数据，研究伦敦资本市场在光荣革命前后的发展，发现1689年前私人个体和金匠银行家的学习为市场利用产权变革奠定了基础。
In this article we use a unique source—a 30-year time series of the share transactions of two joint-stock companies—to examine the growth of the London capital market prior to and immediately after the Glorious Revolution. We argue that the London experience with open capital markets was not solely the result of 1689. Rather it was the learning by private individuals and goldsmith bankers which took place in the decades before 1689 that allowed the market to take full advantage of the property rights changes which occurred with the change in regimes.