The Stock Exchange: Its History and Functions.

Morgan, E. Victor; Thomas, William Arthur

doi:10.2307/2552257

Cited by 44 publications

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“…In the case of new companies a statement of capital and the nominal value of shares had to be listed together. Only companies that complied with them would be quoted on the exchange and the exchange reserved the right not to admit companies or to request additional information (Morgan and Thomas, 1962). These requirements are consistent with our definition of proactive law enforcement.…”

Section: The Emergence Of a Regulatormentioning

confidence: 54%

Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

Pistor

2003

SSRN Journal

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Section: The Emergence Of a Regulatormentioning

confidence: 54%

Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

Pistor

2003

SSRN Journal

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“…Background material is available in Davis and Huttenback (1986), Edelstein (1982), Morgan and Thomas (1969) and Ripley (1934). 2 However, see Fohlin (1998) and(2005) for analyses of early German capital markets.…”

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confidence: 99%

The Origins of the German Corporation - Finance, Ownership and Control

2005

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We are grateful for helpful suggestions from participants at the CEPR Early Securities AbstractThe ownership of German corporations is quite different today from that of AngloAmerican firms. How did this come about? To what extent is it attributable to regulation? A specially constructed data set on financing and ownership of German corporations from the end of the 19 th century reveals that, as in the UK, there was a high degree of activity on German stock markets with firms issuing equity in preference to borrowing from banks, and insider and family ownership declining rapidly. However, unlike in the UK, other companies and banks emerged as the main holders of equity, with banks holding shares primarily as custodians of other investors rather than on their own account. The changing pattern of ownership concentration was therefore very different from that of the UK with regulation reinforcing the control that banks exercised on behalf of other investors.

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“…Several economic historians have at least partly attributed several periods of speculative mania and panic between the 1820s and the 1840s to investors seeking higher returns in order to retain the living standards that they enjoyed before the government bond conversions (Steiner, 1929;Morgan and Thomas, 1962;Kindleberger, 1993Kindleberger, , 1996. In the 1820s and 1830s, the craze was for foreign {PAGE } government bonds as well as company stocks, while the boom of 1845 and the subsequent panic of 1847 was the first of the railroad bubbles.…”

Section: The Genesis and Growth Of Investment Trustsmentioning

confidence: 99%

“…In the 1820s and 1830s, the craze was for foreign {PAGE } government bonds as well as company stocks, while the boom of 1845 and the subsequent panic of 1847 was the first of the railroad bubbles. During the 1860s, following the passage of the Companies Acts, a boom in registration of limited liability companies was followed by a panic in 1866 (Morgan and Thomas, 1962: 131).…”

Section: The Genesis and Growth Of Investment Trustsmentioning

confidence: 99%

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The early managed fund industry: Investment trusts in 19th century Britain

Hutson

2005

International Review of Financial Analysis

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The early years of the 21 st century have been a difficult and challenging time for the managed funds industry. The neglected history of managed funds reveals prior episodes of sustained growth, questionable practices, upheaval and inevitably, regulation. The first fully diversified managed fund appeared in Britain in 1868, and the industry remained largely a British preserve until the rise of the investment company and the mutual fund in the United States during the 1920s. This paper documents the features of the early trusts, discusses the rise of the industry and the challenges it survived in the early years, and draws parallels with facets of the finance industry of today. JEL classifications: G23, N23

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The Stock Exchange: Its History and Functions.

Cited by 44 publications

References 0 publications

Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

Law Enforcement under Incomplete Law: Theory and Evidence from Financial Market Regulation

The Origins of the German Corporation - Finance, Ownership and Control

The early managed fund industry: Investment trusts in 19th century Britain

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