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dc.contributor.authorFjesme, Sturla
dc.contributor.authorGalpin, Neal
dc.contributor.authorMoore, Lyndon
dc.date.accessioned2020-05-05T08:48:37Z
dc.date.accessioned2020-05-15T13:24:38Z
dc.date.available2020-05-05T08:48:37Z
dc.date.available2020-05-15T13:24:38Z
dc.date.issued2018-09-11
dc.identifier.citationFjesme S, Galpin N, Moore. An Efficient Market? Going Public in London, 1891-1911. The Economic History Review. 2018en
dc.identifier.issn0013-0117
dc.identifier.issn0013-0117
dc.identifier.issn1468-0289
dc.identifier.issn1468-0289
dc.identifier.urihttps://hdl.handle.net/10642/8607
dc.description.abstractThere 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).en
dc.language.isoenen
dc.publisherWileyen
dc.relation.ispartofseriesThe Economic History Review;Volume 72, Issue 3, August 2019
dc.rightsThis is the peer reviewed version of the following article: Fjesme, S., Galpin, N. and Moore, L. (2019), An efficient market? Going public in London, 1891–1911. The Economic History Review, 72: 1008-1027, which has been published in final form at DOI: http://dx.doi.org/10.1111/ehr.12783. This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions.en
dc.subjectPublic marketsen
dc.subjectHistorical stock exchangesen
dc.subjectEconomic historyen
dc.subjectInvestor preferencesen
dc.subjectInitial public offeringsen
dc.subjectVictorian Britainen
dc.titleAn Efficient Market? Going Public in London, 1891-1911en
dc.typeJournal articleen
dc.typePeer revieweden
dc.date.updated2020-05-05T08:48:37Z
dc.description.versionacceptedVersionen
dc.identifier.doihttp://dx.doi.org/10.1111/ehr.12783
dc.identifier.cristin1595105
dc.source.journalThe Economic History Review


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