Leonid. I. Borodkin, Anna V. Konovalova
Shares at St.Petersburg Stock Exchange in 1900s: The Impact of Russian-Japanese War and First Russian Revolution,
in: Ekonomicheskaja istorija. Ezhegodnik (Economic Hystory. Yearbook). 2001, Moscow: ROSSPEN, 2002, p.242-268.

This work analyzes the factors influenced on fluctuating share prices of large joint-stock companies quoted in the St. Petersburg stock market between 1900 and 1909. We use newspaper information to make three time series containing data regarding share prices of three of the most well known joint-stock machine-building companies - Kolomenskoye Mashinostroitelny Zavod, Putilovskie Zavody, Gartman Russkoe Obshestvo Mashinostroitelnykh Zavodov. The main idea of our research is to define the relative role of "internal" factors of the market dynamic, those related to the interrelationships of market players. Copies of Birzhevie Vedomosti contain numerous descriptions of stock market events and their analyses, which allow us to speak of the noticeable influence of external factors on the stock markets behavior and share prices changes. However, we cannot avoid noticing the certain "insensitivity" of share prices as they related to external events. The results permit us to generate the hypothesis concerning the greater role of "internal" factors on the functioning of the St. Petersburg stock market in the long-run consideration and the substantial role of external (heterogeneous) factors on the short run at the beginning of the 20th century.