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

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 Excha...

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Veröffentlicht in:	Explorations in economic history 2024-01, Vol.91, p.1-15, Article 101515
Hauptverfasser:	Fjesme, Sturla, Hannah, Leslie, Moore, Lyndon
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Sprache:	eng
Schlagworte:	Capital markets Initial public offering London stock exchange
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description	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.
doi_str_mv	10.1016/j.eeh.2023.101515
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subjects	Capital markets Initial public offering London stock exchange
title	Informed investors, screening, and sorting on the London capital market, 1891-1913
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