| Name: | Description: | Size: | Format: | |
|---|---|---|---|---|
| 3.18 MB | Adobe PDF |
Advisor(s)
Abstract(s)
A presente dissertação tem como tema a participação de Portugal na criação de companhias, sociedades anonimas de capitais, e respetiva repercussão na dinamização do mercado de valores mobiliários na segunda metade do seculo XVIII, na sequência do terramoto de 1755. O estudo e centrado na Companhia Geral do Grão-Pará e Maranhão e na Companhia Geral do Pernambuco e Paraíba. A analise procura identificar a evolução da estrutura acionista destas companhias, as transferências de ações e o papel do mercado nessas transferências, dialogando com um legado historiográfico que não tem considerado as aplicações de capital nestas companhias na ótica dos problemas da história financeira. Comprova-se que houve importantes alterações na distribuição da propriedade das ações, e o funcionamento do mercado de valores mobiliários em Lisboa abrangeu uma grande diversidade de títulos, mostrando-se que as ações das companhias se inseriram nesse leque diversificado de produtos financeiros. Quanto as transferências das ações das companhias, descobriram-se dois períodos particulares de excecional atividade do mercado. Consideramos que a legislação pombalina foi a sua principal causa, constatando que o poder executivo de uma monarquia absolutista deu um sinal positivo ao mercado. Nesta dinamização teve importância a sociologia e ocupação dos participantes, sendo possível distinguir o papel desempenhado pelos grandes acionistas daqueles que identificamos como market makers. Apesar dos problemas de informação que agravariam os custos de transação e que poderiam ter questionado a liquidez destes títulos, concluímos que houve um elevado volume de capital investido em valores mobiliários em Lisboa depois do terramoto de 1755 e que os títulos destas companhias coloniais tiveram um ativo mercado secundário
This dissertation focuses on Portugal's participation in the creation of companies, public limited companies, and their impact on the dynamization of the securities market in the second half of the 18th century, following the earthquake of 1755. The study focuses on the Companhia Geral do Grão-Pará e Maranhão and the Companhia Geral do Pernambuco e Paraíba. The analysis seeks to identify the evolution of the shareholder structure of these companies, the transfers of shares and the role of the market in these transfers, dialoguing with a historiographical legacy that has not considered the investments of capital in these companies from the perspective of the problems of financial history. It shows that there were important changes in the distribution of share ownership, and the functioning of the securities market in Lisbon covered a wide range of securities, showing that the companies' shares were part of this diversified range of financial products. As for the transfers of company shares, two main periods of exceptional market activity were discovered. We believe that Pombaline legislation was the main cause, noting that the executive power of an absolutist monarchy gave a positive signal to the market. The sociology and occupation of the participants was important in this dynamization, and it was possible to distinguish the role played by large shareholders from those we identify as market makers. Despite the information problems that would have increased transaction costs and could have questioned the liquidity of these securities, we conclude that there was a high volume of capital invested in securities in Lisbon after the 1755 earthquake and that the securities of these colonial companies had an active secondary market. This dissertation focuses on Portugal's participation in the creation of companies, public limited companies, and their impact on the dynamization of the securities market in the second half of the 18th century, following the earthquake of 1755.
This dissertation focuses on Portugal's participation in the creation of companies, public limited companies, and their impact on the dynamization of the securities market in the second half of the 18th century, following the earthquake of 1755. The study focuses on the Companhia Geral do Grão-Pará e Maranhão and the Companhia Geral do Pernambuco e Paraíba. The analysis seeks to identify the evolution of the shareholder structure of these companies, the transfers of shares and the role of the market in these transfers, dialoguing with a historiographical legacy that has not considered the investments of capital in these companies from the perspective of the problems of financial history. It shows that there were important changes in the distribution of share ownership, and the functioning of the securities market in Lisbon covered a wide range of securities, showing that the companies' shares were part of this diversified range of financial products. As for the transfers of company shares, two main periods of exceptional market activity were discovered. We believe that Pombaline legislation was the main cause, noting that the executive power of an absolutist monarchy gave a positive signal to the market. The sociology and occupation of the participants was important in this dynamization, and it was possible to distinguish the role played by large shareholders from those we identify as market makers. Despite the information problems that would have increased transaction costs and could have questioned the liquidity of these securities, we conclude that there was a high volume of capital invested in securities in Lisbon after the 1755 earthquake and that the securities of these colonial companies had an active secondary market. This dissertation focuses on Portugal's participation in the creation of companies, public limited companies, and their impact on the dynamization of the securities market in the second half of the 18th century, following the earthquake of 1755.
Description
Doutoramento em História Económica e Social
Keywords
Mercados Financeiros Mercados de Capitais Companhias Coloniais Portuguesas Produtos Financeiros Investidores Financial Markets Capital Market Portuguese Colonial Companies Financial Products Investors
Pedagogical Context
Citation
Albuquerque, Tomás André Pinto de (2023). "As Companhias Coloniais Portuguesas, 1755-1780 : acionistas, mercados de capitais e dinâmicas de governo". Tese de Doutoramento. Universidade de Lisboa. Instituto Superior de Economia e Gestão.
Publisher
Instituto Superior de Economia e Gestão