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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: The secondary market for bank shares in nineteenth-century Britain
Author(s): Acheson, Graeme
Turner, John D
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Issue Date: Oct-2008
Date Deposited: 13-May-2013
Citation: Acheson G & Turner JD (2008) The secondary market for bank shares in nineteenth-century Britain. Financial History Review, 15 (2), pp. 123-151.
Abstract: Stock transferability and liquidity are viewed as vital characteristics of capital markets. Surprisingly, we know very little about the level of trading activity on, and liquidity of the market for, company stock during the rapid growth of the British capital market in the nineteenth century. This article attempts to shed some light on this important issue by examining the market for bank shares using trading data collected from bank archives. Our evidence suggests that trading activity and liquidity changed imperceptibly over the century. We also find that ownership structure is a major determinant of trading activity and liquidity; whereas shareholder liability regimes don't appear to affect liquidity.
DOI Link: 10.1017/S0968565008000139
Rights: Publisher policy allows this work to be made available in this repository. Published in Financial History Review / Volume 15 / Issue 02 / October 2008, pp 123-151 Copyright © European Association for Banking and Financial History e.V. 2008 DOI:

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