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Accessing capital markets: Aristocrats and new share issues in the British bicycle boom of the 1890s

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  • Shima Amini
  • Steven Toms

Abstract

The article reconsiders the mid-1890s boom in which a large number of firms in the bicycle, pneumatic tyre and related industries were floated. It investigates why so many of these issues featured aristocratic directors in their prospectuses and finds that they represented social connections that were a necessary condition for regional industrial firms to gain a London listing. The case shows that the role and value of these directors was to access capital markets and financial resources, as opposed to a temporary aberration designed to inflate share prices and mislead investors.

Suggested Citation

  • Shima Amini & Steven Toms, 2018. "Accessing capital markets: Aristocrats and new share issues in the British bicycle boom of the 1890s," Business History, Taylor & Francis Journals, vol. 60(2), pages 231-256, February.
    • Handle: RePEc:taf:bushst:v:60:y:2018:i:2:p:231-256
    DOI: 10.1080/00076791.2017.1310196
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    References listed on IDEAS

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    1. Lyndon Moore & Sturla Fjesme & Neil Galpin, 2015. "The vicar, the widow, or the gentleman: who gets allocated IPO shares?," Working Papers 15011, Economic History Society.
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    Cited by:

    1. William Quinn & John D. Turner, 2023. "Bubbles in history," Business History, Taylor & Francis Journals, vol. 65(4), pages 636-655, May.
    2. Shima Amini & Steven Toms, 2021. "Elite directors, London finance, and British overseas expansion: Victorian railway networks, 1860–1900," Economic History Review, Economic History Society, vol. 74(2), pages 496-521, May.
    3. Quinn, William & Turner, John D., 2021. "Riding the Bubble or Taken for a Ride? Investors in the British Bicycle Mania," QBS Working Paper Series 2021/08, Queen's University Belfast, Queen's Business School.

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