From finance to management: Rui Ennes Ulrich, a Portuguese scholar of the early twentieth century

Abstract

Finance is usually considered to be a complex science, made up of unsatisfactory explanations interpreting the mystery and volatility of financial markets. Expectations, the mood of the market, as well as investment strategies to manage diversified portfolios, are intimidating issues for most people even today. This paper describes how early twentieth-century globalisation framed a network of stock exchanges, from local to regional and national scale, stimulating scientific knowledge on equities, shares, securities, bonds, debentures, transactions, and risk premiums. Both individuals and institutional investors needed financial education. In Portugal Ruy Ennes Ullrich wrote his doctoral dissertation on stock exchanges and financial markets. His book was published in Coimbra in 1906, by the University Press. This paper analyses his contributions in the context of the available literature, and his management performance.