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Happy Hour Followed by Hangover: Financing the UK Brewery Industry, 1880-1913

Acheson G, Coyle C & Turner JD (2016) Happy Hour Followed by Hangover: Financing the UK Brewery Industry, 1880-1913, Business History, 58 (5), pp. 725-751.

In the last 15 years of the nineteenth centuryc.300 British brewers incorporated and floated securities on the stock market. Subsequently, in the 1900s, the industry suffered a long-lived hangover. In this article, we establish the stylised facts of this transformation and estimate the gains enjoyed by brewery investors during the boom as well as the losses suffered by investors during the bust of the 1900s. However, not all brewery equity shares suffered alike. We find that post-1900 performance correlates positively with capital-market discipline and good corporate governance and negatively with family control, but does not correlate with indebtedness.

beer; brewing; finance; incorporation; stock market

AuthorsAcheson Graeme, Coyle Christopher, Turner John D
Publication date2016
Publication date online30/04/2015
PublisherTaylor and Francis
ISSN 0007-6791

Business History: Volume 58, Issue 5

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