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An Efficient Market? Going Public in London, 1891-1911

Fjesme, Sturla; Galpin, Neal; Moore, Lyndon
Journal article, Peer reviewed
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URI
https://hdl.handle.net/10642/8607
Date
2018-09-11
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Original version
Fjesme S, Galpin N, Moore. An Efficient Market? Going Public in London, 1891-1911. The Economic History Review. 2018   http://dx.doi.org/10.1111/ehr.12783
Abstract
There have been claims that British capital was not well deployed in Victorian Britain. There

was, allegedly, a lack of support for new and dynamic companies in comparison to the

situation in Germany and the United States. We find no evidence to support these claims. The

London Stock Exchange welcomed young, old, domestic and foreign firms. It provided funds

to firms in old, existing industries as well as patenting firms in “new-tech” industries at

similar costs of capital. If investors did show a preference for older and foreign firms it was

because those firms offered investors better long-run performance. In addition, we show

some evidence that investors who worked in the same industry and lived close to the firm

going public were allotted more shares in high-quality initial public offerings (IPOs).
Publisher
Wiley
Series
The Economic History Review;Volume 72, Issue 3, August 2019
Journal
The Economic History Review

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