Please use this identifier to cite or link to this item:
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Happy Hour Followed by Hangover: Financing the UK Brewery Industry, 1880-1913
Author(s): Acheson, Graeme
Coyle, Christopher
Turner, John D
Contact Email:
Keywords: beer
stock market
Issue Date: 2016
Date Deposited: 9-Jun-2017
Citation: Acheson G, Coyle C & Turner JD (2016) Happy Hour Followed by Hangover: Financing the UK Brewery Industry, 1880-1913. Business History, 58 (5), pp. 725-751.
Abstract: In the last 15 years of the nineteenth century c.300 British brewers incorporated and floated securities on the stock market. Subsequently, in the 1900s, the industry suffered a long-lived hangover. In this article, we establish the stylised facts of this transformation and estimate the gains enjoyed by brewery investors during the boom as well as the losses suffered by investors during the bust of the 1900s. However, not all brewery equity shares suffered alike. We find that post-1900 performance correlates positively with capital-market discipline and good corporate governance and negatively with family control, but does not correlate with indebtedness.
DOI Link: 10.1080/00076791.2015.1027693
Rights: The publisher does not allow this work to be made publicly available in this Repository. 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.
Licence URL(s):

Files in This Item:
File Description SizeFormat 
Happy hour followed by hangover financing the UK brewery industry 1880 1913.pdfFulltext - Published Version1.64 MBAdobe PDFUnder Permanent Embargo    Request a copy

Note: If any of the files in this item are currently embargoed, you can request a copy directly from the author by clicking the padlock icon above. However, this facility is dependent on the depositor still being contactable at their original email address.

This item is protected by original copyright

Items in the Repository are protected by copyright, with all rights reserved, unless otherwise indicated.

The metadata of the records in the Repository are available under the CC0 public domain dedication: No Rights Reserved

If you believe that any material held in STORRE infringes copyright, please contact providing details and we will remove the Work from public display in STORRE and investigate your claim.