Professor Adrian Bell

'Professor Adrian Bell

Professor Adrian Bell

  • Associate Dean (International)
  • Head of ICMA Centre Chair in the History of Finance
  • Programme Director: MSc International Securities Investment and Banking

Contact details

Profile & Expertise

Adrian is Chair in the History of Finance, Associate Dean (International) and Head of ICMA Centre. He is module convenor for the MSc module, Topics in the History of Finance.

Adrian is interested in the history of finance and is working on a major project funded by the Leverhulme Trust with Professor Chris Brooks and Dr Helen Killick. The project “The first real estate bubble: Land Prices and Rents in Medieval England c. 1200-1550” will run for 3 years from 2015. The project builds upon a previous project for Leverhume with Professor Chris Brooks and Dr Tony Moore on medieval foreign exchange. More detail is available at http://www.icmacentre.ac.uk/medievalfx/.  A previous major project for the ESRC with the same team investigated the early and innovative use of credit finance by a succession of English medieval monarchs (https://www.icmacentre.ac.uk/medievalcredit) and an earlier ESRC project entitled “Modern Finance in the Middle Ages? Advance contracts for the supply of wool” (UK Data Archive, study number 5325:http://www.data-archive.ac.uk/).

Professor Bell also specialises in the Hundred Years War and his book, War and the Soldier in the Fourteenth Century, was published by Boydell and Brewer in Autumn 2004. In 2006 he was awarded a major grant from the AHRC (jointly with Professor Anne Curry, University of Southampton) to investigate “The Soldier in Later Medieval England” for more details see http://www.medievalsoldier.org/. The findings are outlined in a major work The Soldier in Later Medieval England,published by Oxford University Press (2013). For a recent review see this link.

His working papers are available on SSRN at: http://ssrn.com/author=486048

Specialisms

  • History of Finance
  • Football Finance

Key publications, books, research & papers

Article

Did purchasing power parity hold in medieval Europe?

Bell, A. R. , Brooks, C. and Moore, T. K. (2016) Did purchasing power parity hold in medieval Europe? The Manchester School. ISSN 1467-9957 (In Press)

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This paper employs a unique, hand-collected dataset of exchange rates for five major currencies (the lira of Barcelona, the pound sterling of England, the pond groot of Flanders, the florin of Florence and the livre tournois of France) to consider whether the law of one price and purchasing power parity held in Europe during the late fourteenth and early fifteenth centuries. Using single series and panel unit root and stationarity tests and cointegration analysis on ten real exchange rates between 1383 and 1411, we show that the parity relationship held for the pound sterling and some of the Florentine florin series individually and for almost all of the groups that we investigate. Our findings add to the weight of evidence that trading and arbitrage activities stopped real exchange rates deviating permanently from fair values. This research extends the results reported in other studies back more than 600 years.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book or Report Section

Fighting merchants

Gibbs, S. and Bell, A. R. (2016) Fighting merchants. In: Allen, M. and Davies, M. (eds.) Medieval merchants and money: essays in honour of James L. Bolton. Institute of Historical Research , London, pp. 93-112. ISBN 9781909646162

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Selected essays from a conference held in November 2013 to celebrate the contribution to scholarship of the medieval historian Professor James L. Bolton.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Article

Cambium non est mutuum: exchange and interest rates in medieval Europe

Bell, A. R. , Brooks, C. and Moore, T. K. (2016) Cambium non est mutuum: exchange and interest rates in medieval Europe. The Economic History Review. ISSN 1468-0289 doi: 10.1111/ehr.12374

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A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out the interest rates from exchange rates. The following analysis is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c.1383-1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non-usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Conference or Workshop Item

Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345

Bell, A. , Brooks, C. and Moore, T. (2015) Le credit au Moyen Age: les prets a la couronne D'Angleterre entre 1272 et 1345. In: Resources publiques et contstruction étatique en Europe XIII-XVIII siecle, 2-3 July 2012, Colloque organise par l'IGPDE avec l'Université Paris 1 Pantheon-Sorbonne et ses laboratoires (IDHE, LAMOP, EA 127, SAMM) et le laboratoire d'excellence ReFi (heSam), pp. 117-130. (Colloque des 2 et 3 juillet 2012 sous la direction de Katia Beguin)

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A summary of some of the key findings of a recent ESRC-funded project based at the ICMA centre, University of Reading. This study applied modern financial analysis and theories to the early history of sovereign debt, in this case the credit arrangements between the ‘Three Edwards’, kings of England 1272-1377, and a succession of Italian merchant societies.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Time-varying price discovery in the eighteenth century: empirical evidence from the London and Amsterdam stock markets

Bell, A. R. , Brooks, C. and Taylor, N. (2016) Time-varying price discovery in the eighteenth century: empirical evidence from the London and Amsterdam stock markets. Cliometrica Journal of Historical Economics and Econometric History, 10 (1). pp. 5-30. ISSN 1863-2505 doi: 10.1007/s11698-014-0120-z

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This paper examines the time-varying nature of price discovery in eighteenth century cross-listed stocks. Specifically, we investigate how quickly news is reflected in prices for two of the great moneyed com- panies, the Bank of England and the East India Company, over the period 1723 to 1794. These British companies were cross-listed on the London and Amsterdam stock exchange and news between the capitals flowed mainly via the use of boats that transported mail. We examine in detail the historical context sur- rounding the defining events of the period, and use these as a guide to how the data should be analysed. We show that both trading venues contributed to price discovery, and although the London venue was more important for these stocks, its importance varies over time.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book or Report Section

The soldier in later Medieval England : an online database

Bell, A. , Curry, A., Chapman, A., King, A. and Simpkin, D. (2013) The soldier in later Medieval England : an online database. In: Villalon, A. L.J. and Kagay, D. J. (eds.) The Hundred Years War (Part III) : further considerations. History of Warfare. Brill, Leiden, pp. 19-48. ISBN 9789004245648

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Book or Report Section

Medieval foreign exchange: a time series analysis

Bell, A. , Brooks, C. and Moore, T. (2013) Medieval foreign exchange: a time series analysis. In: Casson, M. and Hashimzade, N. (eds.) Large Databases in Economic History: Research Methods and Case Studies. Routledge Explorations in Economic History. Routledge, Abingdon, pp. 97-123. ISBN 9780415820684

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This chapter applies rigorous statistical analysis to existing datasets of medieval exchange rates quoted in merchants’ letters sent from Barcelona, Bruges and Venice between 1380 and 1310, which survive in the archive of Francesco di Marco Datini of Prato. First, it tests the exchange rates for stationarity. Second, it uses regression analysis to examine the seasonality of exchange rates at the three financial centres and compares them against contemporary descriptions by the merchant Giovanni di Antonio da Uzzano. Third, it tests for structural breaks in the exchange rate series.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book

Handbook of research methods and applications in empirical finance

Bell, A. , Brooks, C. and Prokopczuk, M. , eds. (2013) Handbook of research methods and applications in empirical finance. Edward Elgar, Cheltenham, pp512. ISBN 9780857936080

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The objective of this book is to present the quantitative techniques that are commonly employed in empirical finance research together with real world, state of the art research examples. Each chapter is written by international experts in their fields. The unique approach is to describe a question or issue in finance and then to demonstrate the methodologies that may be used to solve it. All of the techniques described are used to address real problems rather than being presented for their own sake and the areas of application have been carefully selected so that a broad range of methodological approaches can be covered. This book is aimed primarily at doctoral researchers and academics who are engaged in conducting original empirical research in finance. In addition, the book will be useful to researchers in the financial markets and also advanced Masters-level students who are writing dissertations.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Professor Marcel Prokopczuk, CFA

Professor Marcel Prokopczuk, CFA

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Article

Does managerial turnover affect football club share prices?

Bell, A. , Brooks, C. and Markham, T. (2013) Does managerial turnover affect football club share prices? Aestimatio, the IEB International Journal of Finance, 7. 02-21. ISSN 2173-0164

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This paper analyses the 53 managerial sackings and resignations from 16 stock exchange listed English football clubs during the nine seasons between 2000/01 and 2008/09. The results demonstrate that, on average, a managerial sacking results in a post-announcement day market-adjusted share price rise of 0.3%, whilst a resignation leads to a drop in share price of 1% that continues for a trading month thereafter, cumulating in a negative abnormal return of over 8% from a trading day before the event. These findings are intuitive, and suggest that sacking a poorly performing manager may be welcomed by the markets as a possible route to better future match performance, while losing a capable manager through resignation, who typically progresses to a superior job, will result in a drop in a club’s share price. The paper also reveals that while the impact of managerial departures on stock price volatilities is less clear-cut, speculation in the newspapers is rife in the build-up to such an event.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Article

The performance of football club managers: skill or luck?

Bell, A. , Brooks, C. and Markham, T. (2013) The performance of football club managers: skill or luck? Economics & Finance Research , 1 (1). pp. 19-30. ISSN 2164-9480 doi: 10.1080/21649480.2013.768829

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This paper evaluates the extent to which the performance of English Premier League football club managers can be attributed to skill or luck when measured separately from the characteristics of the team. We first use a specification that models managerial skill as a fixed effect and we examine the relationship between the number of points earned in league matches and the club’s wage bill, transfer spending, and the extent to which they were hit by absent players through injuries, suspensions or unavailability. We next implement a bootstrapping approach to generate a simulated distribution of average points that could have taken place after the impact of the manager has been removed. The findings suggest that there are a considerable number of highly skilled managers but also several who perform below expectations. The paper proceeds to illustrate how the approach adopted could be used to determine the optimal time for a club to part company with its manager. We are able to identify in advance several managers who the analysis suggests could have been fired earlier and others whose sackings were hard to justify based on their performances.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book or Report Section

The non-use of money in the Middle Ages

Bell, A. and Moore, T. (2013) The non-use of money in the Middle Ages. In: Mayhew, N. (ed.) Peter Spufford's Money and its Use in Medieval Europe - Twenty-five Years On. Royal Numismatic Society Special Publication (50). Royal Numismatic Society . ISBN 0901405698 (In Press)

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70

Bell, A. R. , Brooks, C. and Moore, T. K. (2014) The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70. Economic History Review, 67 (1). pp. 123-145. ISSN 1468-0289 doi: 10.1111/1468-0289.12013

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This article looks at an important but neglected aspect of medieval sovereign debt, namely ‘accounts payable’ owed by the Crown to merchants and employees. It focuses on the unusually well-documented relationship between Henry III, King of England between 1216 and 1272, and Flemish merchants from the towns of Douai and Ypres, who provided cloth on credit to the royal wardrobe. From the surviving royal documents, we reconstruct the credit advanced to the royal wardrobe by the merchants of Ypres and Douai for each year between 1247 and 1270, together with the king’s repayment history. The interactions between the king and the merchants are then analysed. The insights from this analysis are applied to the historical data to explain the trading decisions made by the merchants during this period, as well as why the strategies of the Yprois sometimes differed from those of the Douaissiens.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book

The soldier in later medieval England

Bell, A. R. , Curry, A., King, A. and Simpkin, D. (2013) The soldier in later medieval England. Oxford University Press , Oxford, pp360. ISBN 9780199680825

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Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Book or Report Section

English members of Philippe de Mézières' Order of the Passion

Bell, A. (2011) English members of Philippe de Mézières' Order of the Passion. In: Blumenfeld-Kosinski, R. and Petkov, K. (eds.) Philippe de Mézières and his Age: Piety and Politics in the Fourteenth Century. The Medieval Mediterranean (91). Brill. ISBN 9789004211131

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Book or Report Section

The soldier, 'hadde he riden, no man ferre'

Bell, A. R. (2011) The soldier, 'hadde he riden, no man ferre'. In: Bell, A. R. , Curry, A., Chapman, A., King, A. and Simpkin, D. (eds.) The Soldier Experience in the Fourteenth Century. Warfare in History. Boydell and Brewer, pp. 209-218. ISBN 9781843836742

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Article

The Medieval pilgrimage business

Bell, A. R. and Dale, R. S. (2011) The Medieval pilgrimage business. Enterprise and Society, 12 (3). pp. 601-627. ISSN 1467-2235 doi: 10.1093/es/khr014

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Article

Over the moon or sick as a parrot? The effects of football results on a club's share price

Bell, A. R. , Brooks, C. , Matthews, D. and Sutcliffe, C. (2011) Over the moon or sick as a parrot? The effects of football results on a club's share price. Applied Economics, 44 (26). pp. 3435-3452. ISSN 1466-4283 doi: 10.1080/00036846.2011.577017

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Professor Charles Sutcliffe

Professor Charles Sutcliffe

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Book or Report Section

The fourteenth-century soldier: more Chaucer's knight or medieval career?

Bell, A. R. (2008) The fourteenth-century soldier: more Chaucer's knight or medieval career? In: France, J. (ed.) Mercenaries and Paid Men: the Mercenary Identity in the Middle Ages. History of Warfare (47). Brill, pp. 301-315. ISBN 9789004164475

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Book or Report Section

Medieval chroniclers as war correspondents during the Hundred Years War: the earl of Arundel's naval campaign of 1387

Bell, A. R. (2010) Medieval chroniclers as war correspondents during the Hundred Years War: the earl of Arundel's naval campaign of 1387. In: Given-Wilson, C. (ed.) Fourteenth Century England. Fourteenth Century England, VI. Boydell and Brewer, Woodbridge, pp. 171-184. ISBN 9781843835301

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Article

Modern finance in the Middle Ages? Advance contracts with Cistercian abbeys for the supply of wool c. 1270-1330: a summary of findings

Bell, A. R. , Brooks, C. and Dryburgh, P. (2004) Modern finance in the Middle Ages? Advance contracts with Cistercian abbeys for the supply of wool c. 1270-1330: a summary of findings. Cîteaux: Commentarii cistercienses, 55 (3-4). pp. 339-343. ISSN 0009-7497

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book

War and the soldier in the fourteenth century

Bell, A. R. (2004) War and the soldier in the fourteenth century. Warfare in history. Boydell & Brewer, Woodbridge, pp256. ISBN 9781843831037

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Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Article

‘Leger est aprendre mes fort est arendre’: wool, debt, and the dispersal of Pipewell Abbey (1280-1330)

Bell, A. R. , Brooks, C. and Dryburgh, P. R. (2006) ‘Leger est aprendre mes fort est arendre’: wool, debt, and the dispersal of Pipewell Abbey (1280-1330). Journal of Medieval History, 32 (3). pp. 187-211. ISSN 0304-4181 doi: 10.1016/j.jmedhist.2006.07.001

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It has long been known that English Cistercian monasteries often sold their wool in advance to foreign merchants in the late thirteenth century. The abbey of Pipewell in Northamptonshire features in a number of such contracts with Cahorsin merchants. This paper looks again at these contracts in the context of over 200 other such agreements found in the governmental records. Why did Pipewell descend into penury over this fifty year period? This case study demonstrates that the promise of ready cash for their most valuable commodity led such abbots to make ambitious agreements – taking on yet more debt to service existing creditors – that would lead to their eventual bankruptcy.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Article

Interest rates and efficiency in medieval wool forward contracts

Bell, A. R. , Brooks, C. and Dryburgh, P. R. (2007) Interest rates and efficiency in medieval wool forward contracts. Journal of Banking & Finance, 31 (2). pp. 361-380. ISSN 0378-4266 doi: 10.1016/j.jbankfin.2006.04.006

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book

The English wool market, c.1230-1327

Bell, A. R. , Brooks, C. and Dryburgh, P. R. (2007) The English wool market, c.1230-1327. Cambridge University Press, Cambridge, pp214. ISBN 9780521859417

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Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book

Advance contracts for sale of wool c.1200-c.1327

Bell, A. , Brooks, C. and Dryburgh, P. R. (2006) Advance contracts for sale of wool c.1200-c.1327. List and Index Society, 315. List and Index Society, Kew, pp244.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Book or Report Section

Languages in the military profession in later Medieval England

Curry, A., Bell, A. , Chapman, A., King, A. and Simpkin, D. (2010) Languages in the military profession in later Medieval England. In: Ingham, R. (ed.) The Anglo-Norman language and its contexts. Boydell and Brewer, Woodbridge, pp. 74-93. ISBN 9781903153307

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Book or Report Section

Credit finance in thirteenth-century England: the Ricciardi of Lucca and Edward I, 1272-1294

Bell, A. R. , Brooks, C. and Moore, T. K. (2011) Credit finance in thirteenth-century England: the Ricciardi of Lucca and Edward I, 1272-1294. In: Burton, J., Lachaud, F., Schofield, P., Stöber, K. and Weiler, B. (eds.) Thirteenth-century England XIII: proceedings of the Paris conference, 2009. Thirteenth-century England (13). Boydell and Brewer, Woodbridge, pp. 101-116. ISBN 9781843836186

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Interest in Medieval accounts: examples from England, 1272-1340

Bell, A. R. , Brooks, C. and Moore, T. K. (2009) Interest in Medieval accounts: examples from England, 1272-1340. History, 94 (316). pp. 411-433. ISSN 1468-229X doi: 10.1111/j.1468-229X.2009.00464.x

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The charging of interest for borrowing money, and the level at which it is charged, is of fundamental importance to the economy. Unfortunately, the study of the interest rates charged in the middle ages has been hampered by the diversity of terms and methods used by historians. This article seeks to establish a standardized methodology to calculate interest rates from historical sources and thereby provide a firmer foundation for comparisons between regions and periods. It should also contribute towards the current historical reassessment of medieval economic and financial development. The article is illustrated with case studies drawn from the credit arrangements of the English kings between 1272 and c.1340, and argues that changes in interest rates reflect, in part, contemporary perceptions of the creditworthiness of the English crown.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Book

Accounts of the English Crown with Italian merchant societies, 1272-1345

Bell, A. , Brooks, C. and Moore, A. (2009) Accounts of the English Crown with Italian merchant societies, 1272-1345. Standard List, 331. The List and Index Society, Kew, pp306. ISBN 9781906875183

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The credit arrangements between the three Edwards and Italian merchants were crucial for financing England’s ambitious foreign policies and ensuring the smooth running of governmental administration. The functioning of this credit system can be followed in detail through the well-kept but mostly unpublished records of the English Exchequer. This volume combines a transcription of the most important surviving accounts between the merchants and the Crown, with a parallel abstract presenting the core data in a double-entry format as credits to or debits from the king’s account. This dual format was chosen to facilitate the interpretation of the source while still retaining the language and, as far as possible, the structure of the original documents. The wealth of evidence presented here has much value to add to our understanding of the financing of medieval government and the early development of banking services provided by Italian merchant societies. In particular, although the relationship between king and banker was, for the most part, mutually profitable, the English kings also acquired a reputation for defaulting on their debts and thus ‘breaking’ a succession of merchant societies. These documents provide an essential basis for a re-examination of the ‘credit rating’ of the medieval English Crown.

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Chris Brooks

Professor Chris Brooks

Deputy Head of School

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Dr Tony Moore

Dr Tony Moore

Programme Tutor, MSc in Financial Regulation, Programme Director, MA by Research in Economic History

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Article

Valuing medieval annuities: were corrodies underpriced?

Bell, A. and Sutcliffe, C. (2010) Valuing medieval annuities: were corrodies underpriced? Explorations in Economic History, 47 (2). pp. 142-157. ISSN 0014-4983 doi: 10.1016/j.eeh.2009.07.002

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Professor Charles Sutcliffe

Professor Charles Sutcliffe

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Article

New regime, new army? Henry IV's Scottish expedition of 1400

Curry, A., Bell, A. R. , King, A. and Simpkin, D. (2010) New regime, new army? Henry IV's Scottish expedition of 1400. The English Historical Review, CXXV (517). pp. 1382-1413. ISSN 0013-8266 doi: 10.1093/ehr/ceq343

Professor Adrian Bell

Professor Adrian Bell

Head of ICMA Centre Chair in the History of Finance , Programme Director: MSc International Securities Investment and Banking

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Taught modules

Topics in the History of Finance

This module aims to provide students with an understanding of the origins of Financial Markets, and with a broader appreciation of the early development of products and innovations in Finance - which many assume are recent twentieth century inventions.

This module aims to provide students with an understanding of the origins of Financial Markets, and with a broader appreciation of the early development of products and innovations in Finance - which many assume are recent twentieth century inventions.

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News & Media Appearances

Our faculty feature in radio, tv and newspaper segments across the globe using their research and expertise to comment on current events. Find the latest media appearances using the filters below.

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Selected research grants

Land Prices and Rents in Medieval England c. 1200-1550

The University of Reading has won a research project grant (ref. RPG-2014-307) worth almost £200,000 from the Leverhulme Trust. The research team, comprising Professor Chris Brooks, Professor Adrian Bell and Dr Helen Killick, will examine in detail the workings of the English real estate market in the thirteenth to fifteenth centuries.

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Medieval Foreign Exchange c. 1300-1500

The Leverhulme Trust has recently awarded a Research Project Grant worth almost £200,000 to Professors Adrian Bell and Chris Brooks, working with Dr Tony Moore, to examine in detail the workings of the foreign exchange markets in fourteenth- and fifteenth-century Europe. This will be the first project to systematically study both the short- and long-run determinants of medieval foreign currency…

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Credit Finance in the Middle Ages: Loans to the English Crown c. 1272-1340

The Economic and Social Research Council (ESRC) awarded Professors Adrian Bell and Chris Brooks a major research grant worth just over £350,000 (RES-062-23-0733) to investigate the early and innovative use of credit finance by medieval English monarchs. The project ran from December 2007 to December 2010 and employed a full time Research Associate, Dr Tony Moore.

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The Soldier in later Medieval England: A major new AHRC research project

The Arts and Humanities Research Council (AHRC) awarded a Research Grant worth just under £500,000 to Dr Adrian Bell of the ICMA Centre and Professor Anne Curry of the University of Southampton to challenge assumptions about the emergence of professional soldiery between 1369 and 1453.

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Modern Finance in the Middle Ages? Advance contracts for the supply of wool

Dr Adrian Bell and Professor Chris Brooks were awarded £45,000 from the ESRC for a unique interdisciplinary project. Their research attempted to push back the boundaries for modern finance into the middle ages - by investigating forward contracts between Cistercian monasteries in England and Italian Merchant Banks during the later half of the thirteenth century.

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