Rule Britannia! British Stock Market Returns, 1825-1870
构建了1825-1870年英国股票市场的月度回报序列，计算资本增值和股息收益，并评估幸存者偏差的影响。发现该时期英国市场风险低于美国，实际回报高于后续时期，且股息是回报的主要来源。
This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.