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Victorian share-pricing - a problem in thin trading

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  • Marianne Pitts

Abstract

This paper discusses the problems of nineteenth century share valuation and corporate governance. It is based on the summary of a 1900 appeal case, The Earl of Portsmouth v. Pease (1900), which was recorded in the Durham press and concerned the sale of shares within a local private family company in 1898. This contract was overturned in the Court of Chancery as being inequitable. The methods and assumptions employed to value the shares for the private family sale and a coincident public issue were described in detail; the effect of the case was dramatic and the issues raised are still relevant.

Suggested Citation

  • Marianne Pitts, 1998. "Victorian share-pricing - a problem in thin trading," Accounting History Review, Taylor & Francis Journals, vol. 8(1), pages 33-52.
    • Handle: RePEc:taf:acbsfi:v:8:y:1998:i:1:p:33-52
    DOI: 10.1080/095852098330576
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    References listed on IDEAS

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    1. Bryer, R. A., 1993. "The late nineteenth-century revolution in financial reporting: Accounting for the rise of investor or managerial capitalism?," Accounting, Organizations and Society, Elsevier, vol. 18(7-8), pages 649-690.
    2. 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.
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    Cited by:

    1. 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.
    2. Malcolm Anderson, 1999. "Accounting History Publications 1998," Accounting History Review, Taylor & Francis Journals, vol. 9(3), pages 375-384.

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