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‘Propositions put forward by quite honest men’: Company prospectuses and their contents, 1856 to 1940

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  • Janette Rutterford

Abstract

This paper explores the history of the new issue prospectus on the London Stock Exchange from the advent of limited liability to World War II. The varying types of securities being offered to an increasingly large public influenced the nature of the information provided, and the increasing maturity of the new issue market allowed comparisons to be made with other companies and valuation ‘norms’ to be established. The paper concludes that the signalling role of the new issue prospectus was key in the lightly regulated markets of the time and that information disclosure improved well in advance of regulatory requirements.

Suggested Citation

  • Janette Rutterford, 2011. "‘Propositions put forward by quite honest men’: Company prospectuses and their contents, 1856 to 1940," Business History, Taylor & Francis Journals, vol. 53(6), pages 866-899, October.
    • Handle: RePEc:taf:bushst:v:53:y:2011:i:6:p:866-899
    DOI: 10.1080/00076791.2011.590932
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    Cited by:

    1. Fjesme, Sturla L. & Galpin, Neal E. & Moore, Lyndon, 2021. "Rejected stock exchange applicants," Journal of Financial Economics, Elsevier, vol. 139(2), pages 502-521.
    2. Siepel, Josh & Nightingale, Paul, 2014. "Anglo-Saxon governance: Similarities, difference and outcomes in a financialised world," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(1), pages 27-35.
    3. Janette Rutterford, 2012. "Valuing Equities in the UK and the US: Fashions and Trends," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 4, Edward Elgar Publishing.

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