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Investor reactions to legislative liberalization and the run-up in British share prices, 1844 to 1845

Vaska Atta‐Darkua et al.

Financial History Review2024https://doi.org/10.1017/s0968565024000052article
AJG 2ABDC B
Weight
0.70

Abstract

We study the association of shareholder returns with liberalization in government policy during Britain's railway run-up of 1844–5. The findings sustain two main claims. First, the railway returns during the run-up were associated with the advent of liberalizing policies, especially related to free trade, enhanced transparency and governance of firms, and industry consolidation. Second, analysis of cross-sectional variation reveals higher returns to large railways in the South and Midlands of England, several of which were leading consolidators. This study is the first to report an association between policy liberalization and run-up returns and to identify consolidators as the prime beneficiaries of the liberalization.

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https://doi.org/https://doi.org/10.1017/s0968565024000052

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@article{vaska2024,
  title        = {{Investor reactions to legislative liberalization and the run-up in British share prices, 1844 to 1845}},
  author       = {Vaska Atta‐Darkua et al.},
  journal      = {Financial History Review},
  year         = {2024},
  doi          = {https://doi.org/https://doi.org/10.1017/s0968565024000052},
}

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Investor reactions to legislative liberalization and the run-up in British share prices, 1844 to 1845

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Evidence weight

0.70

Balanced mode · F 0.40 / M 0.15 / V 0.05 / R 0.40

F · citation impact0.95 × 0.4 = 0.38
M · momentum0.60 × 0.15 = 0.09
V · venue signal0.50 × 0.05 = 0.03
R · text relevance †0.50 × 0.4 = 0.20

† Text relevance is estimated at 0.50 on the detail page — for your query’s actual relevance score, open this paper from a search result.