Profiting from Public Works: Financial Returns to Infrastructure and Investment Strategies during Britain's Industrial Revolution
AbstractThe infrastructure sector has the potential to generate wide differences in profits and economic outcomes. This paper examines financial returns and investment strategies for Britainâ€™s turnpike roads in the early nineteenth century. There are three main findings. First, rates of return on capital invested and returns to bondholders were similar to competitive sectors. Second, there was significant variation in returns across trusts. Third, there is evidence that turnpike investors were driven by financial motives, although economic motives appear to be important in some cases. The findings have implications regarding the connection between infrastructure and Britainâ€™s industrialization.
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Bibliographic InfoPaper provided by University of California-Irvine, Department of Economics in its series Working Papers with number 121304.
Length: 49 pages
Date of creation: Aug 2012
Date of revision:
Monopoly; Regulation; Turnpike roads; Infrastructure; Britain; Industrial Revolution;
Find related papers by JEL classification:
- K23 - Law and Economics - - Regulation and Business Law - - - Regulated Industries and Administrative Law
- N43 - Economic History - - Government, War, Law, International Relations, and Regulation - - - Europe: Pre-1913
- N73 - Economic History - - Economic History: Transport, International and Domestic Trade, Energy, and Other Services - - - Europe: Pre-1913
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-09-16 (All new papers)
- NEP-HIS-2012-09-16 (Business, Economic & Financial History)
- NEP-HME-2012-09-16 (Heterodox Microeconomics)
- NEP-LAW-2012-09-16 (Law & Economics)
- NEP-TRE-2012-09-16 (Transport Economics)
- NEP-URE-2012-09-16 (Urban & Real Estate Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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