Informed investors, screening, and sorting on the London capital market, 1891-1913
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https://hdl.handle.net/10037/31648Dato
2023-02-02Type
Journal articleTidsskriftartikkel
Peer reviewed
Sammendrag
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.
Forlag
ElsevierSitering
Fjesme, Hannah, Moore. Informed investors, screening, and sorting on the London capital market, 1891-1913. Explorations in economic history (EEH). 2023Metadata
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