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

Graeme G. Acheson, Christopher Coyle and John Turner ()

No 15-01, QUCEH Working Paper Series from Queen's University Belfast, Queen's University Centre for Economic History

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 paper, 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.

JEL-codes: N23 N43 N83 (search for similar items in EconPapers)
Date: 2015
New Economics Papers: this item is included in nep-his
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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Related works:
Journal Article: Happy hour followed by hangover: financing the UK brewery industry, 1880–1913 (2016)
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:qucehw:1501

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