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The character and denomination of shares in the Victorian equity market

Acheson, Graeme (2012) The character and denomination of shares in the Victorian equity market. The Economic History Review, 65 (3). pp. 862-886. [Journal article]

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URL: http://onlinelibrary.wiley.com/doi/10.1111/j.1468-0289.2011.00618.x/abstract

DOI: DOI: 10.1111/j.1468-0289.2011.00618.x


The seminal work of J. B. Jefferys highlighted two unusual features of the Victorian equity market, namely high share denomination and uncalled capital. This article examines the extent to which publicly traded company stocks in the nineteenth century had these features. It also analyses the effect of these features on stock returns using monthly data for the London Stock Market over the period 1825–70. We find that stocks with unpaid capital earned a higher return, which is consistent with investors being rewarded for the risk of a call on their personal assets. We also find that stocks with a high share denomination earned a lower return, which is consistent with the view that this feature was conducive to superior corporate governance.

Item Type:Journal article
Faculties and Schools:Ulster Business School
Research Institutes and Groups:Business and Management Research Institute
ID Code:23542
Deposited By: Dr Graeme Acheson
Deposited On:05 Oct 2012 08:43
Last Modified:25 Oct 2012 14:42

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