IDEAS home Printed from https://ideas.repec.org/a/bla/ehsrev/v64y2011i1p157-187.html
   My bibliography  Save this article

Who comprised the nation of shareholders? Gender and investment in Great Britain, c. 1870–1935

Author

Listed:
  • JANETTE RUTTERFORD
  • DAVID R. GREEN
  • JOSEPHINE MALTBY
  • ALASTAIR OWENS

Abstract

This article explores the widening ownership of stocks and shares in Great Britain between 1870 and 1935. It demonstrates the extent of that growth and the increasing number of small investors. Women became more important in terms of the number of shareholders and value of holdings. Factors that encouraged this trend included the issue of less risky types of investments, and legal changes relating to married women's property. We examine the ‘deepening’ importance of stocks and shares for wealth holders, arguing that the growing significance of these kinds of financial assets was as important as the growth in the investor population.

Suggested Citation

  • Janette Rutterford & David R. Green & Josephine Maltby & Alastair Owens, 2011. "Who comprised the nation of shareholders? Gender and investment in Great Britain, c. 1870–1935," Economic History Review, Economic History Society, vol. 64(1), pages 157-187, February.
    • Handle: RePEc:bla:ehsrev:v:64:y:2011:i:1:p:157-187
    as

    Download full text from publisher

    File URL: http://hdl.handle.net/10.1111/j.1468-0289.2010.00539.x
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. David R. Green & Alastair Owens, 2003. "Gentlewomanly capitalism? Spinsters, widows, and wealth holding in England and Wales, c. 1800–1860," Economic History Review, Economic History Society, vol. 56(3), pages 510-536, August.
    2. Pamela Dixon & Neal Garnham & Andrew Jackson, 2004. "Shareholders and Shareholding: The Case of the Football Company in Late Victorian England," Business History, Taylor & Francis Journals, vol. 46(4), pages 503-524.
    3. Lucy Newton & Philip Cottrell, 2006. "Female investors in the first english and Welsh commercial joint-stock banks," Accounting History Review, Taylor & Francis Journals, vol. 16(2), pages 315-340.
    4. Davis, Lance E. & Huttenback, Robert A., 1982. "The Political Economy of British Imperialism: Measures of Benefits and Support," The Journal of Economic History, Cambridge University Press, vol. 42(1), pages 119-130, March.
    5. David Chambers & Elroy Dimson, 2009. "IPO Underpricing over the Very Long Run," Journal of Finance, American Finance Association, vol. 64(3), pages 1407-1443, June.
    6. repec:rdg:wpaper:em-dp2006-34 is not listed on IDEAS
    7. Mary Beth Combs, 2006. "Cui Bono? The 1870 British Married Women'S Property Act, Bargaining Power, And The Distribution Of Resources Within Marriage," Feminist Economics, Taylor & Francis Journals, vol. 12(1-2), pages 51-83.
    8. John D. Turner, 2009. "Wider share ownership?: investors in English and Welsh Bank shares in the nineteenth century1," Economic History Review, Economic History Society, vol. 62(s1), pages 167-192, August.
    9. Combs, Mary Beth, 2005. "A Measure of Legal Independence”: The 1870 Married Women's Property Act and the Portfolio Allocations of British Wives," The Journal of Economic History, Cambridge University Press, vol. 65(4), pages 1028-1057, December.
    10. Mark Freeman & Robin Pearson & James Taylor, 2006. "'A doe in the city': Women shareholders in eighteenth- and early nineteenth-century Britain," Accounting History Review, Taylor & Francis Journals, vol. 16(2), pages 265-291.
    11. Janette Rutterford & Josephine Maltby, 2006. "“The Widow, The Clergyman And The Reckless”: Women Investors In England, 1830—1914," Feminist Economics, Taylor & Francis Journals, vol. 12(1-2), pages 111-138.
    12. Leslie Hannah, 2007. "The 'Divorce' of ownership from control from 1900 onwards: Re-calibrating imagined global trends," Business History, Taylor & Francis Journals, vol. 49(4), pages 404-438.
    13. William N. Goetzmann & Andrey D. Ukhov, 2006. "British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach," Review of Finance, European Finance Association, vol. 10(2), pages 261-300.
    14. Edelstein, Michael, 1976. "Realized rates of return on U.K. Home and overseas portfolio investment in the age of high imperialism," Explorations in Economic History, Elsevier, vol. 13(3), pages 283-329, July.
    15. R. C. Michie, 1985. "The London Stock Exchange and the British Securities Market 1850–1914," Economic History Review, Economic History Society, vol. 38(1), pages 61-82, February.
    16. Klovland, Jan Tore, 1994. "Pitfalls in the Estimation of the Yield on British Consols, 1850–1914," The Journal of Economic History, Cambridge University Press, vol. 54(1), pages 164-187, March.
    17. Ann Carlos & Karen Maguire & Larry Neal, 2006. "Financial acumen, women speculators, and the Royal African company during the South Sea bubble," Accounting History Review, Taylor & Francis Journals, vol. 16(2), pages 219-243.
    18. Graeme G. Acheson & John D. Turner, 2006. "The impact of limited liability on ownership and control: Irish banking, 1877–19141," Economic History Review, Economic History Society, vol. 59(2), pages 320-346, May.
    19. Barker, Hannah, 2006. "The Business of Women: Female Enterprise and Urban Development in Northern England 1760-1830," OUP Catalogue, Oxford University Press, number 9780199299713.
    20. H. V. Bowen, 1989. "Investment and empire in the later eighteenth century: East India stockholding, 1756-1791," Economic History Review, Economic History Society, vol. 42(2), pages 186-206, May.
    21. Anne Laurence, 2006. "Women investors, 'that nasty south sea affair' and the rage to speculate in early eighteenth-century England," Accounting History Review, Taylor & Francis Journals, vol. 16(2), pages 245-264.
    22. Grossman, Richard S., 2002. "New Indices Of British Equity Prices, 1870–1913," The Journal of Economic History, Cambridge University Press, vol. 62(1), pages 121-146, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Acheson, Graeme G. & Campbell, Gareth & Turner, John D., 2015. "Who financed the expansion of the equity market? Shareholder clienteles in Victorian Britain," QUCEH Working Paper Series 15-07, Queen's University Belfast, Queen's University Centre for Economic History.
    2. van Lieshout, Carry & Smith, Harry & Montebruno, Piero & Bennett, Robert, 2019. "Female entrepreneurship: business, marriage and motherhood in England and Wales, 1851–1911," MPRA Paper 101452, University Library of Munich, Germany.
    3. Engelbert Stockhammer & Erik Bengtsson, 2020. "Financial effects in historic consumption and investment functions," International Review of Applied Economics, Taylor & Francis Journals, vol. 34(3), pages 304-326, May.
    4. David r. Green & Alastair Owens, 2013. "Geographies of wealth: real estate and personal property ownership in England and Wales, 1870–1902," Economic History Review, Economic History Society, vol. 66(3), pages 848-872, August.
    5. Richard S. Grossman & Masami Imai, 2011. "Contingent Capital and Bank Risk-Taking among British Banks before World War I," Wesleyan Economics Working Papers 2011-003, Wesleyan University, Department of Economics.
    6. John D Turner & Qing Ye & Clive B Walker, 2018. "Media Coverage and Stock Returns on the London Stock Exchange, 1825–70," Review of Finance, European Finance Association, vol. 22(4), pages 1605-1629.
    7. Graeme G. Acheson & Gareth Campbell & John D. Turner & Nadia Vanteeva, 2015. "Corporate ownership and control in Victorian Britain," Economic History Review, Economic History Society, vol. 68(3), pages 911-936, August.
    8. Carlos, Ann M. & Fletcher, Erin & Neal, Larry, 2012. "Share Portfolios and Risk Management in the Early Years of Financial Capitalism: London 1690-1730," CEI Working Paper Series 2012-12, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    9. Campbell, Gareth & Quinn, William & Turner, John D. & Ye, Qing, 2015. "What moved share prices in the nineteenth-century London stock market?," QUCEH Working Paper Series 15-06, Queen's University Belfast, Queen's University Centre for Economic History.
    10. Teupe, Sebastian, 2020. "Keynes, Inflation, and the Public Debt: "How to Pay for the War" as a Policy Prescription for Financial Repression?," Working Papers 16, German Research Foundation's Priority Programme 1859 "Experience and Expectation. Historical Foundations of Economic Behaviour", Humboldt University Berlin.
    11. Ann M. Carlos & Erin Fletcher & Larry Neal, 2015. "Share portfolios in the early years of financial capitalism: London, 1690–1730," Economic History Review, Economic History Society, vol. 68(2), pages 574-599, May.
    12. Lennard, Jason, 2018. "Did monetary policy matter? Narrative evidence from the classical gold standard," Explorations in Economic History, Elsevier, vol. 68(C), pages 16-36.
    13. Foreman-Peck, James & Hannah, Leslie, 2011. "Extreme Divorce: the Managerial Revolution in UK Companies before 1914," Cardiff Economics Working Papers E2011/21, Cardiff University, Cardiff Business School, Economics Section.
    14. Acheson, Graeme G. & Coyle, Christopher & Jordan, David P. & Turner, John D., 2018. "Share trading activity and the rise of the rentier in the UK before 1920," QUCEH Working Paper Series 2018-04, Queen's University Belfast, Queen's University Centre for Economic History.
    15. Jennifer Aston & Paolo Di Martino, 2014. "Risk and Success: Re-assessing Female Entrepreneurship in Late Victorian and Edwardian England," Oxford Economic and Social History Working Papers _125, University of Oxford, Department of Economics.
    16. Janette Rutterford & Dimitris P. Sotiropoulos & Carry van Lieshout, 2017. "Individual investors and local bias in the UK, 1870–1935," Economic History Review, Economic History Society, vol. 70(4), pages 1291-1320, November.
    17. Gareth Campbell & William Quinn & John D. Turner & Qing Ye, 2018. "What moved share prices in the nineteenth†century London stock market?," Economic History Review, Economic History Society, vol. 71(1), pages 157-189, February.
    18. Jennifer Aston & Paolo Di Martino, 2014. "Risk and Success: Re-assessing Female Entrepreneurship in Late Victorian and Edwardian England," Economics Series Working Papers Number 125, University of Oxford, Department of Economics.
    19. Acheson, Graeme G. & Campbell, Gareth & Gallagher, Áine & Turner, John D., 2018. "Independent women: Shareholders in the age of the suffragettes," QUCEH Working Paper Series 2018-09, Queen's University Belfast, Queen's University Centre for Economic History.
    20. Quinn, William & Turner, John D., 2021. "Riding the bubble or taken for a ride? Investors in the British bicycle mania," QUCEH Working Paper Series 21-07, Queen's University Belfast, Queen's University Centre for Economic History.
    21. Gareth Campbell & John D. Turner & Qing Ye, 2018. "The liquidity of the London capital markets, 1825–70†," Economic History Review, Economic History Society, vol. 71(3), pages 823-852, August.
    22. Janette Rutterford & Dimitris Sotiropoulos & Carry van Lieshout, 2015. "Individual investors and local bias in the UK, 1870-1935," Working Papers 15009, Economic History Society.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Acheson, Graeme G. & Campbell, Gareth & Gallagher, Áine & Turner, John D., 2018. "Independent women: Shareholders in the age of the suffragettes," QUCEH Working Paper Series 2018-09, Queen's University Belfast, Queen's University Centre for Economic History.
    2. Acheson, Graeme G. & Campbell, Gareth & Turner, John D., 2015. "Who financed the expansion of the equity market? Shareholder clienteles in Victorian Britain," QUCEH Working Paper Series 15-07, Queen's University Belfast, Queen's University Centre for Economic History.
    3. Acheson, Graeme G. & Coyle, Christopher & Jordan, David P. & Turner, John D., 2018. "Share trading activity and the rise of the rentier in the UK before 1920," QUCEH Working Paper Series 2018-04, Queen's University Belfast, Queen's University Centre for Economic History.
    4. John D. Turner, 2009. "Wider share ownership?: investors in English and Welsh Bank shares in the nineteenth century1," Economic History Review, Economic History Society, vol. 62(s1), pages 167-192, August.
    5. Graeme G. Acheson & Gareth Campbell & Áine Gallagher & John D. Turner, 2021. "Independent women: investing in British railways, 1870–1922," Economic History Review, Economic History Society, vol. 74(2), pages 471-495, May.
    6. Grossman, Richard, 2017. "Stocks for the Long Run: New Monthly Indices of British Equities, 1869-1929," CEPR Discussion Papers 12121, C.E.P.R. Discussion Papers.
    7. Richard S. Grossman, 2015. "Bloody foreigners! Overseas equity on the London Stock Exchange, 1869–1929," Economic History Review, Economic History Society, vol. 68(2), pages 471-521, May.
    8. Brian Mitchell & David Chambers & Nick Crafts, 2011. "How good was the profitability of British railways, 1870–1912?," Economic History Review, Economic History Society, vol. 64(3), pages 798-831, August.
    9. van Hombeeck, Carlos Eduardo, 2020. "An exorbitant privilege in the first age of international financial integration?," Journal of International Money and Finance, Elsevier, vol. 101(C).
    10. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.
    11. Graeme G. Acheson & John D. Turner, 2011. "Investor behaviour in a nascent capital market: Scottish bank shareholders in the nineteenth century," Economic History Review, Economic History Society, vol. 64(1), pages 188-213, February.
    12. Turner, John D., 2014. "Financial history and financial economics," QUCEH Working Paper Series 14-03, Queen's University Belfast, Queen's University Centre for Economic History.
    13. Campbell, Gareth & Rogers, Meeghan & Turner, John D., 2016. "The rise and decline of the UK's provincial stock markets, 1869-1929," QUCEH Working Paper Series 2016-03, Queen's University Belfast, Queen's University Centre for Economic History.
    14. Sonia Baijot & Charlotte Le Chapelain, 2022. "Reassessing women’s participation in entrepreneurial activities in the nineteenth century: A review of the literature," Working Papers of BETA 2022-24, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    15. Helen Doe, 2010. "Waiting for her ship to come in? The female investor in nineteenth‐century sailing vessels," Economic History Review, Economic History Society, vol. 63(1), pages 85-106, February.
    16. Janette Rutterford & Dimitris P. Sotiropoulos & Carry van Lieshout, 2023. "Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment," Economic History Review, Economic History Society, vol. 76(2), pages 661-692, May.
    17. David A Bogle & Christopher Coyle & John D Turner, 2022. "Capital market development over the long run: the portfolios of UK life assurers over two centuries [Corporate ownership and control in Victorian Britain]," European Review of Economic History, European Historical Economics Society, vol. 26(3), pages 370-398.
    18. Grant Fleming & Zhangxin (Frank) Liu & David Merrett & Simon Ville, 2024. "Shining a Light: Female Investors in the Australian Gas Light Company, 1836-1940," CEH Discussion Papers 05, Centre for Economic History, Research School of Economics, Australian National University.
    19. Richard S.Grossman, 2017. "Beresford’s Revenge: British equity holdings in Latin America, 1869-1929," Wesleyan Economics Working Papers 2017-003, Wesleyan University, Department of Economics.
    20. Fabio Braggion & Lyndon Moore, 2013. "How insiders traded before rules," Business History, Taylor & Francis Journals, vol. 55(4), pages 565-584, June.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:ehsrev:v:64:y:2011:i:1:p:157-187. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: https://edirc.repec.org/data/ehsukea.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.