Political violence and financial markets in Tsarist Russia

Hartwell, Christopher A.

doi:10.1017/S0968565023000057

Please use this identifier to cite or link to this item: https://doi.org/10.21256/zhaw-29734

Publication type:	Article in scientific journal
Type of review:	Peer review (publication)
Title:	Political violence and financial markets in Tsarist Russia
Authors:	Hartwell, Christopher A.
et. al:	No
DOI:	10.1017/S0968565023000057 10.21256/zhaw-29734
Published in:	Financial History Review
Volume(Issue):	30
Issue:	2
Page(s):	231
Pages to:	275
Issue Date:	6-Oct-2023
Publisher / Ed. Institution:	Cambridge University Press
ISSN:	0968-5650 1474-0052
Language:	English
Subjects:	Political violence; Financial market; Market efficiency; Russia
Subject (DDC):	320: Politics 332: Financial economics
Abstract:	There is little research studying the effects of political violence on financial markets over decades, especially in an atmosphere where the violence manifested itself in heterogeneous and geographically widespread ways. This article examines the authoritarian edifice of Tsarist Russia in the nineteenth century to examine the way in which capital markets perceived political instability in a country which had paradoxically strong financial institutions but weak political ones. Using a novel database on political violence in Russia in the nineteenth century matched to monthly financial data from Russian equity markets, this article provides strong evidence that Russia's financial markets were negatively affected in the long run by political violence. Consistent with modern views of financial information, the effects of political violence were quickly incorporated into asset prices, but the specific magnitude of such violence was different depending on where the violence occurred and in what manner. Overall, it appeared that political violence was perceived very negatively by investors in Russian equity markets.
URI:	https://digitalcollection.zhaw.ch/handle/11475/29734
Fulltext version:	Published version
License (according to publishing contract):	CC BY-SA 4.0: Attribution - Share alike 4.0 International
Departement:	School of Management and Law
Organisational Unit:	International Management Institute (IMI)
Appears in collections:	Publikationen School of Management and Law

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Hartwell, C. A. (2023). Political violence and financial markets in Tsarist Russia. Financial History Review, 30(2), 231–275. https://doi.org/10.1017/S0968565023000057

Hartwell, C.A. (2023) ‘Political violence and financial markets in Tsarist Russia’, Financial History Review, 30(2), pp. 231–275. Available at: https://doi.org/10.1017/S0968565023000057.

C. A. Hartwell, “Political violence and financial markets in Tsarist Russia,” Financial History Review, vol. 30, no. 2, pp. 231–275, Oct. 2023, doi: 10.1017/S0968565023000057.

HARTWELL, Christopher A., 2023. Political violence and financial markets in Tsarist Russia. Financial History Review. 6 Oktober 2023. Bd. 30, Nr. 2, S. 231–275. DOI 10.1017/S0968565023000057

Hartwell, Christopher A. 2023. “Political Violence and Financial Markets in Tsarist Russia.” Financial History Review 30 (2): 231–75. https://doi.org/10.1017/S0968565023000057.

Hartwell, Christopher A. “Political Violence and Financial Markets in Tsarist Russia.” Financial History Review, vol. 30, no. 2, Oct. 2023, pp. 231–75, https://doi.org/10.1017/S0968565023000057.