Informed investors, screening, and sorting on the London capital market, 1891-1913

IF 2.6 1区历史学 Q1 ECONOMICS

Explorations in Economic History Pub Date : 2024-01-01 DOI:10.1016/j.eeh.2023.101515

Sturla Fjesme , Leslie Hannah , Lyndon Moore

引用次数: 0

Abstract

Thousands of prospectuses offered shares to British investors at the turn of the twentieth century. We find evidence that there were informed investors who participated in the market at this time. Firms that attracted additional investor demand were more likely to be listed on the London Stock Exchange, survive longer, and achieve better long-run equity returns. We find that the exchange screened lower quality firms away from the main board. The lowest quality firms sorted themselves and did not apply to either the London Stock Exchange main or second board.

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1891-1913 年伦敦资本市场上的知情投资者、筛选和分类

二十世纪之交，数以千计的招股说明书向英国投资者提供股票。我们发现有证据表明，当时有知情投资者参与了市场。吸引了更多投资者需求的公司更有可能在伦敦证券交易所上市，存活时间更长，取得更好的长期股票回报。我们发现，交易所将质量较低的公司从主板筛选出去。质量最低的公司自行排序，既不申请伦敦证券交易所主板，也不申请第二板。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Explorations in Economic History Multiple-

CiteScore

2.50

自引率

8.70%

发文量

期刊介绍： Explorations in Economic History provides broad coverage of the application of economic analysis to historical episodes. The journal has a tradition of innovative applications of theory and quantitative techniques, and it explores all aspects of economic change, all historical periods, all geographical locations, and all political and social systems. The journal includes papers by economists, economic historians, demographers, geographers, and sociologists. Explorations in Economic History is the only journal where you will find "Essays in Exploration." This unique department alerts economic historians to the potential in a new area of research, surveying the recent literature and then identifying the most promising issues to pursue.