Happy hour followed by hangover: Financing the UK brewery industry, 1880-1913

Arbeitspapier

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 paper, 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.

Angaben zum Objekt

• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: QUCEH Working Paper Series ; No. 15-01

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Economic History: Financial Markets and Institutions: Europe: Pre-1913 ; Economic History: Government, War, Law, International Relations, and Regulation: Europe: Pre-1913 ; Micro-Business History: Europe: Pre-1913

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): Acheson, Graeme G. ; Coyle, Christopher ; Turner, John D.
• Ereignis: Veröffentlichung
• (wer): Queen's University Centre for Economic History (QUCEH)
• (wo): Belfast
• (wann): 2015

Weitere Informationen

• Handle: http://hdl.handle.net/10419/108513
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ