Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/24452
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Who Financed the Expansion of the Equity Market? Shareholder Clienteles in Victorian Britain
Authors: Acheson, Graeme
Campbell, Gareth
Turner, John D
Contact Email: graeme.acheson@stir.ac.uk
Keywords: Shareholders
Equity
Stock market
Gentlemen capitalists
Rentiers
Gender
Issue Date: 2017
Citation: Acheson G, Campbell G & Turner JD (2017) Who Financed the Expansion of the Equity Market? Shareholder Clienteles in Victorian Britain, Business History, 59 (4), pp. 607-637.
Abstract: Who financed the great expansion of the Victorian equity market, and what attracted them to invest? Using data on 453 firm-years and over 172,000 shareholders, we find that the largest providers of capital were rentiers, men with no formal occupation who relied on investment income. We also see a substantial growth in women investors as time progressed. In terms of clientele effects, we find that rentiers invested in large firms, whilst businessmen were the venture capitalists of young, regional enterprises. Women and the middle classes preferred safe investments, whilst financiers and institutional investors were speculators in foreign companies. Our results may help to explain the growth of new types of assets catering for particular clienteles, and the development of managerial policies on dividends and share issues.
DOI Link: http://dx.doi.org/10.1080/00076791.2016.1250744
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is an Accepted Manuscript of an article published by Taylor & Francis Group in Business History on 02 Dec 2016, available online: http://www.tandfonline.com/10.1080/00076791.2016.1250744

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