Portugal's 1974 carnation revolution and nationalizations: the effects on the Lisbon Stock-Exchange

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Abstract

The 1974 revolution in Portugal put an end to the authoritarian political regime that had prevailed in that country for more than 40 years. Although no blood was shed, the military coup and subsequent nationalizations led to the suspension of operations in both the Lisbon and Oporto Stock Exchanges, as well as to dramatic challenges to growth and social turmoil coupled with the effects of the first oil shock.
A truly democratic regime could only be achieved following the reinstatement of land property rights, re-privatization, and reopening of the Lisbon and Oporto Stock Exchanges. In compiling an index for the Lisbon stock exchange quotations since it reopened in 1977, this paper demonstrates that joining Europe in 1986 and the euro zone in 1999 brought different effects to this market, by legitimizing the character of the Portuguese political regime on the one hand, and decreasing the capital risk premium on the other hand.
Original languageEnglish
Pages (from-to)29-47
JournalZeitschrift für Unternehmensgeschichte
Volume56
Issue number1
Publication statusPublished - 1 Jan 2011

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