IDEAS home Printed from https://ideas.repec.org/a/taf/acbsfi/v10y2000i1p13-36.html

No value in par: a history of the no par value debate in the United Kingdom

Author

Listed:
  • Christopher Noke

Abstract

Proposals for shares of no par value have been considered several times this century, and there have been recommendations by government committees and unfulfilled government commitments to introduce them. This paper traces the history of the debate in the United Kingdom, from attempts by guarantee companies last century to issue shares without any value attached, up to a 1973 White Paper. It shows that failure to introduce no par value shares can be explained variously by ignorance, misunderstanding and political cowardice and highlights the way in which the issue became a significant factor in industrial relations during the 1950s.

Suggested Citation

  • Christopher Noke, 2000. "No value in par: a history of the no par value debate in the United Kingdom," Accounting History Review, Taylor & Francis Journals, vol. 10(1), pages 13-36.
    • Handle: RePEc:taf:acbsfi:v:10:y:2000:i:1:p:13-36
    DOI: 10.1080/095852000330177
    as

    Download full text from publisher

    File URL: http://www.tandfonline.com/doi/abs/10.1080/095852000330177
    Download Restriction: Access to full text is restricted to subscribers.
    File URL: https://libkey.io/10.1080/095852000330177?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to

    for a different version of it.

    References listed on IDEAS

    as
    1. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 1, number scott1912a.
    2. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 3, number scott1912c.
    3. Scott, William Robert, 1912. "Constitution and Finance of English, Scottish and Irish Joint-Stock Companies to 1720," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, volume 2, number scott1912b.
    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. M. V. Pitts, 2000. "The rise and rise of the share premium account," Accounting History Review, Taylor & Francis Journals, vol. 10(3), pages 317-346.

    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. Dan Bogart, 2016. "The East Indian Monopoly and the Transition from Limited Access in England, 1600–1813," NBER Chapters, in: Organizations, Civil Society, and the Roots of Development, pages 23-49, National Bureau of Economic Research, Inc.
    2. Whelan, Shane, 2007. "Valuing Ireland's Pension System," Quarterly Economic Commentary: Special Articles, Economic and Social Research Institute (ESRI), vol. 2007(2-Summer), pages 55-80.
    3. Frehen, Rik G.P. & Goetzmann, William N. & Geert Rouwenhorst, K., 2013. "New evidence on the first financial bubble," Journal of Financial Economics, Elsevier, vol. 108(3), pages 585-607.
    4. Peter Temin & Hans-Joachim Voth, 2004. "Riding the South Sea Bubble," American Economic Review, American Economic Association, vol. 94(5), pages 1654-1668, December.
    5. Eric Hilt, 2014. "History of American Corporate Governance: Law, Institutions, and Politics," Annual Review of Financial Economics, Annual Reviews, vol. 6(1), pages 1-21, December.
    6. Mariana Pargendler & Henry Hansmann, 2013. "A new view of shareholder voting in the nineteenth century: evidence from Brazil, England and France," Business History, Taylor & Francis Journals, vol. 55(4), pages 585-600, June.
    7. Gregory Price & Warren Whatley, 2021. "Did profitable slave trading enable the expansion of empire?: The Asiento de Negros, the South Sea Company and the financial revolution in Great Britain," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 15(3), pages 675-718, September.
    8. Andrianova, Svetlana & Demetriades, Panicos & Xu, Chenggang, 2011. "Political Economy Origins of Financial Markets in Europe and Asia," World Development, Elsevier, vol. 39(5), pages 686-699, May.
    9. Paolo Maggioni, 2011. "The introduction of limited liability in nineteenth century England," Openloc Working Papers 1116, Public policies and local development.
    10. Robert F. Bruner & Scott C. Miller, 2020. "The First Modern Financial Crises: The South Sea and Mississippi Bubbles in Historical Perspective," Journal of Applied Corporate Finance, Morgan Stanley, vol. 32(4), pages 17-33, December.
    11. Christopher Nobes, 2015. "Accounting for capital: the evolution of an idea," Accounting and Business Research, Taylor & Francis Journals, vol. 45(4), pages 413-441, June.
    12. Haddad, Valentin & Ho, Paul & Loualiche, Erik, 2022. "Bubbles and the value of innovation," Journal of Financial Economics, Elsevier, vol. 145(1), pages 69-84.
    13. Sven-Olof Collin, 1996. "Bad Losers: An Investigation of the Morality of the Limited Liability of Shareholders in a Joint Stock Company," Journal of Economic Issues, Taylor & Francis Journals, vol. 30(1), pages 283-289, March.
    14. Ulrike Malmendier, 2009. "Law and Finance "at the Origin"," Journal of Economic Literature, American Economic Association, vol. 47(4), pages 1076-1108, December.
    15. Mark Freeman & Robin Pearson & James Taylor, 2013. "Law, politics and the governance of English and Scottish joint-stock companies, 1600-1850," Business History, Taylor & Francis Journals, vol. 55(4), pages 636-652, June.
    16. Eric Hilt, 2013. "Shareholder voting rights in early American corporations," Business History, Taylor & Francis Journals, vol. 55(4), pages 620-635, June.
    17. Giuseppe Dari-Mattiacci & Oscar Gelderblom & Joost Jonker & Enrico C. Perotti, 2017. "The Emergence of the Corporate Form," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 33(2), pages 193-236.
    18. Gary S. Shea, 2011. "(Re)financing the Slave Trade with the Royal African Company in the Boom Markets of 1720," CDMA Working Paper Series 201114, Centre for Dynamic Macroeconomic Analysis.
    19. Barrett, Alan & Kearney, Ide & O'Brien, Martin, 2007. "Quarterly Economic Commentary, Summer 2007," Forecasting Report, Economic and Social Research Institute (ESRI), number QEC20072, February.
    20. Victor Zarnowitz, 1997. "Business Cycles Observed and Assessed: Why and How They Matter," NBER Working Papers 6230, National Bureau of Economic Research, Inc.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    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:taf:acbsfi:v:10:y:2000:i:1:p:13-36. 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: Chris Longhurst (email available below). General contact details of provider: http://www.tandfonline.com/RABF21 .

    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.