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

Tools

Acheson, Graeme G. and Coyle, Christopher and Turner, John D (2016) Happy hour followed by hangover : financing the UK brewery industry, 1880-1913. Business History, 58 (5). pp. 725-751. ISSN 0007-6791 (https://doi.org/10.1080/00076791.2015.1027693)

[thumbnail of Acheson-etal-BH2016-Happy-hour-followed-hangover-financing-UK-brewery-industry-1880-1913]
Preview
 Text. Filename: Acheson_etal_BH2016_Happy_hour_followed_hangover_financing_UK_brewery_industry_1880_1913.pdf
Accepted Author Manuscript
Download (463kB)| Preview

Abstract

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 article, 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.

ORCID iDs

Acheson, Graeme G. ORCID logoORCID: https://orcid.org/0000-0001-7531-2082, Coyle, Christopher and Turner, John D;
  • Item type:Article
    ID code:70883
    Dates:
    Date
    Event
    2016
    Published
    30 April 2015
    Published Online
    Notes:This is an Accepted Manuscript of an article published by Taylor & Francis in Business History on 30 Apr 2015, available online: http://www.tandfonline.com/10.1080/00076791.2015.1027693
    Subjects:Social Sciences > Commerce > Accounting
    Department:Strathclyde Business School > Accounting and Finance
    Depositing user: Pure Administrator
    Date deposited:13 Dec 2019 14:37
    Last modified:11 Nov 2024 12:32
    URI:https://strathprints.strath.ac.uk/id/eprint/70883
CORE (COnnecting REpositories)