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A Nation of Investors or a Procession of Fools? Reevaluating the Behavior of Britain’s Shareholding Population through the Prism of the Interwar Sharepushing Crime Wave

Published online by Cambridge University Press:  28 August 2018

MATTHEW HOLLOW
MATTHEW HOLLOW*
Affiliation:
Matthew Hollow works as a Lecturer in the Management School at the University of York. He holds a PhD in history from the University of Oxford. Contact information: York Management School, University of York, Freboys Lane, Heslington, York YO10 5DD, UK. E-mail: [email protected].
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Abstract

In recent years, there has been a notable increase in the amount of scholarship on the history of shareholding in Britain. One area that still remains relatively unexplored, however, is the problematic issue of how British investors actually went about the process of choosing their respective investments. The purpose of this article is to make a start at redressing this gap by using the (perceived) sharepushing crime wave that swept across Britain during the interwar period as a prism through which to evaluate the behavior of Britain’s shareholding population at this time. Ultimately, what it suggests is that, while the interwar British investors may well have had far more potential sources of advice and information open to them than their nineteenth-century forebears, this did not necessarily mean that they were any better informed about the workings of the British securities market.

Type
Article
Information
Enterprise & Society , Volume 20 , Issue 1 , March 2019 , pp. 132 - 158
Copyright
Copyright © The Author 2018. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

Bibliography of Works Cited

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Ferris, Paul. The City. London: Jackdaw, 1960.Google Scholar
Hollow, Matthew. Rogue Banking: A History of Financial Fraud in Interwar Britain. London: Palgrave, 2014.Google Scholar
Houlbrook, Matt. Prince of Tricksters: The Incredible True Story of Netley Lucas, Gentleman Crook. Chicago: University of Chicago Press, 2016.CrossRefGoogle Scholar
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Jones, A. Powers of the Press: Newspapers, Power and the Public in Nineteenth-Century England. London: Scolar Press, 1996.Google Scholar
Kynaston, David. The City of London. Vol. 3, Illusions of Gold, 1914–1945. London: Pimlico, 2000.Google Scholar
McConnell, Thomas Chalfont. Luck and Witless Virtue vs. Guile: In Which an English Clergyman Proves the Nemesis of John (‘Jake the Barber’) Factor. Chicago: Chicago Literary Club, 1943.Google Scholar
McKibbin, Ross. Classes and Cultures: England 1918–1951. Oxford: Oxford University Press, 2000.Google Scholar
Michie, Ranald. The London Stock Exchange: A History. Oxford: Oxford University Press, 2001.CrossRefGoogle Scholar
Montier, James. Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance. Hoboken, NJ: Wiley, 2009.Google Scholar
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Newton, Lucy. Credit and Capital in Sheffield: The Finance of Industry in Nineteenth-Century England. Aldershot, UK: Ashgate, 2004.Google Scholar
Nicholls, Ernest. Crime within the Square Mile: The History of Crime in the City of London. London: John Long, 1935.Google Scholar
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Taylor, James. Creating Capitalism: Joint-Stock Enterprise in British Politics and Culture, 1800–1870. London: Royal Historical Society, 2006.Google Scholar
Thomas, William A. Provincial Stock Exchanges. London: Routledge, 2013.Google Scholar
Touhy, John W. When Capone’s Mob Murdered Roger Touhy. Fort Lee, NJ: Barricade, 2001.Google Scholar
Wilson, Sarah. The Origins of Modern Financial Crime: Historical Foundations and Current Problems in Britain. London: Routledge, 2014.CrossRefGoogle Scholar
Aboody, David, and Lev, Baruch. “Information Asymmetry, R&D, and Insider Gains.” Journal of Finance 55, no. 6 (2000): 2747–2766.CrossRefGoogle Scholar
Arnold, Anthony J. “Should Historians Trust Late Nineteenth-Century Company Financial Statements?” Business History 38, no. 2 (1996): 40–54.CrossRefGoogle Scholar
Arnold, Anthony J., and Matthews, Derek R.. “Corporate Financial Disclosures in the UK, 1920–50: The Effects of Legislative Change and Managerial Discretion.” Accounting and Business Research 32, no. 1 (2002): 3–16.CrossRefGoogle Scholar
Attard, Bernard. “Making a Market: The Jobbers of the London Stock Exchange, 1800–1986.” Financial History Review 7 (2000): 5–24.CrossRefGoogle Scholar
Billings, Mark. “Financial Reporting, Banking and Financial Crisis: Past, Present and Future.” In Complexity and Crisis in the Financial System: Critical Perspectives on American and British Banking, edited by Hollow, M., Akinbami, F., and Michie, R., 287–305. Cheltenham, UK: Elgar, 2016. Broadbridge, Seymour A. “The Sources of Railway Share Capital.” In Railways in the Victorian Economy: Studies in Finance and Economic Growth, edited by M. C. Reed, 184–211. New York: David & Charles, 1969.CrossRefGoogle Scholar
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Crook, Tom. “Suspect Figures: Statistics and Public Trust in Victorian England.” In Statistics and the Public Sphere: Numbers and the People in Modern Britain, c. 1800–2000, edited by Crook, T. and O’Hara, G., 165–184. London: Routledge, 2012.CrossRefGoogle Scholar
Dhaoui, Abderrazak, Bourouis, Saad, and Boyacioglu, Melek Acar. “The Impact of Investor Psychology on Stock Markets: Evidence from France.” Journal of Academic Research in Economics 5, no. 1 (2013): 35–59.Google Scholar
Dixon, Pamela, Garnham, Neal, and Jackson, Andrew. “Shareholders and Shareholding: The Case of the Football Company in Late Victorian England.” Business History 46, no. 4 (2004): 503–524.Google Scholar
Foreman-Peck, James, and Hannah, Leslie. “Extreme Divorce: The Managerial Revolution in UK Companies before 19141.” Economic History Review 65, no. 4 (2012): 1217–1238.CrossRefGoogle Scholar
Freeman, Mark, Pearson, Robin, and Taylor, James. “‘A doe in the city’: Women Shareholders in Eighteenth- and Early Nineteenth-Century Britain.” Accounting, Business & Financial History 16, no. 2 (2006): 265–291.CrossRefGoogle Scholar
Grinblatt, Mark, and Keloharju, Matti. “How Distance, Language, and Culture Influence Stockholdings and Trades.” Journal of Finance 56, no. 3 (2001): 1053–1073.CrossRefGoogle Scholar
Hales, Jeffrey, Kuang, Xi Jason, and Venkataraman, Shankar. “Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments.” Journal of Accounting Research 49, no. 1 (2011): 223–255.CrossRefGoogle Scholar
Hollow, Matthew. “Strategic Inertia, Financial Fragility and Organisational Failure: The case of the Birkbeck Bank, 1870–1911.” Business History 56, no. 5 (2014): 746–764. Kohler, Alan. “Is the Market Rigged?” Equity, 27, no. 11(2013): 4–5.CrossRefGoogle Scholar
Lambert, Richard A., Leuz, Christian, and Verrecchia, Robert E.. “Information Asymmetry, Information Precision, and the Cost of Capital.” Review of Finance 16, no.1 (2012): 1–29.CrossRefGoogle Scholar
McCartney, Sean, and Tony Arnold, A. J.. “George Hudson’s Financial Reporting Practices: Putting the Eastern Counties Railway in Context.” Accounting, Business & Financial History 10, no.3 (2000): 293–316.CrossRefGoogle Scholar
Michie, Ranald. “The London Stock Exchange and the British Securities Market 1850–1914.” Economic History Review 38, no. 1 (1985): 61–82.Google Scholar
Michie, Ranald. “The Stock Exchange and the British Economy, 1870–1939.” in Capitalism in a Mature Economy: Financial Institutions, Capital Exports and British Industry, 1870–1939, edited by Van Helten, Jean Jacques and Cassis, Youssef, 101–123. London: Elgar, 1990.Google Scholar
Newton, Lucy, and Cottrell, Philip L.. “Female Investors in the First English and Welsh Commercial Joint-Stock Banks.” Accounting, Business & Financial History 16 , no. 2 (2006): 315–340.Google Scholar
Perriton, Linda, and Maltby, Josephine. “Working-Class Households and Savings in England, 1850–1880.” Enterprise & Society 16, no. 2 (2015): 413–445.Porter, Dilwyn. “‘A Trusted Guide of the Investing Public’: Harry Marks and the Financial News 1884–1916.” Business History, 28, no. 1(1986): 1–17.Google Scholar
Perriton, Linda, and Maltby, Josephine. “‘Speciousness Is the Bucketeer’s Watchword and Outrageous Effrontery His Capital’: Financial Bucket Shops in the City of London, c.1880–1939.” In Cultures of Selling: Perspectives on Consumption and Society since 1700, edited by Benson, J. and Ugolini, Aldershot, L., 103–125. UK: Ashgate, 2006.Google Scholar
Preda, Alex. “The Rise of the Popular Investor: Financial Knowledge and Investing in England and France, 1840–1880.” Sociological Quarterly 42, no. 2 (2001): 205–232.CrossRefGoogle Scholar
Rutterford, Janette. “‘Propositions Put Forward by Quite Honest Men’: Company Prospectuses and Their Contents, 1856 to 1940.” Business History 53, no. 6 (2011): 866–899.CrossRefGoogle Scholar
Rutterford, Janette, and Maltby, Josephine. “‘The Widow, the Clergyman and the Reckless’: Women Investors in England, 1830–1914.” Feminist Economics 12, nos. 1–2 (2006): 111–138.CrossRefGoogle Scholar
Rutterford, Janette, and Sotiropoulos, Dimitris P.. “The Rise of the Small Investor in the US and the UK, 1895 to 1970.” Enterprise & Society (2018).Google Scholar
Rutterford, Janette, Maltby, Josephine, Green, David R., and Owens, Alastair. “Researching Shareholding and Investment in England and Wales: Approaches, Sources and Methods.” Accounting History 14, no. 3 (2009): 269–292.CrossRefGoogle Scholar
Rutterford, Janette, Green, David R., Maltby, Josephine, and Owens, Alastair. “Who Comprised the Nation of Shareholders? Gender and Investment in Great Britain, c. 1870–1935.” Economic History Review 64, no. 1 (2011): 157–187.CrossRefGoogle Scholar
Taylor, James. “Watchdogs or Apologists? Financial Journalism and Company Fraud in Early Victorian Britain." Historical Research 85, no. 230 (2012): 632–650.CrossRefGoogle Scholar
Wortley, B. A. “The Interpretation of the New ‘Fraudulent Trading Section’ of the Companies Act 1929.” Law Quarterly Review 50 (1954): 405–410.Google Scholar
Campbell, Gareth, Rogers, Meeghan, and Turner, John D.. “The Rise and Decline of the UK’s Provincial Stock Markets, 1869–1929.” QUCEH Working Paper Series, no. 2016–03, Queen’s University Centre for Economic History, Belfast, UK, 2016.Google Scholar
Chambers, David. “Financial Dependence and Firm Survival in Inter-war Britain.” Department of Economics Discussion Paper, Series 377, University of Oxford, Oxford, December 2007.Google Scholar
Porter, Dilwyn. “Aspects of the New Financial Journalism, 1884–1914.” Seminar Paper CE/84/4, Institute of Commonwealth Studies, London, 1984.Google Scholar
Swinson, Christopher. “Share Trading and the London Stock Exchange 1914–1945: The Dawn of Regulation.” PhD thesis, Durham University, 2008.Google Scholar
Baker, H. Kent, and Ricciardi, Victor, eds. Investor Behavior: The Psychology of Financial Planning and Investing. New York: Wiley, 2014.CrossRefGoogle Scholar
Bircher, Paul. From the Companies Act of 1929 to the Companies Act of 1948 (RLE: Accounting): A Study of Change in the Law and Practice of Accounting. London: Routledge, 2013.CrossRefGoogle Scholar
Edwards, John Richard. A History of Financial Accounting (RLE Accounting). London: Routledge, 2013.CrossRefGoogle Scholar
Evans, David M. Facts, Failures and Frauds: Revelations, Financial, Mercantile, and Criminal. Newton Abbot, UK: David & Charles, 1968.Google Scholar
Ferris, Paul. The City. London: Jackdaw, 1960.Google Scholar
Hollow, Matthew. Rogue Banking: A History of Financial Fraud in Interwar Britain. London: Palgrave, 2014.Google Scholar
Houlbrook, Matt. Prince of Tricksters: The Incredible True Story of Netley Lucas, Gentleman Crook. Chicago: University of Chicago Press, 2016.CrossRefGoogle Scholar
Johnson, Paul. Making the Market: Victorian Origins of Corporate Capitalism. Cambridge: Cambridge University Press, 2010.CrossRefGoogle Scholar
Jones, A. Powers of the Press: Newspapers, Power and the Public in Nineteenth-Century England. London: Scolar Press, 1996.Google Scholar
Kynaston, David. The City of London. Vol. 3, Illusions of Gold, 1914–1945. London: Pimlico, 2000.Google Scholar
McConnell, Thomas Chalfont. Luck and Witless Virtue vs. Guile: In Which an English Clergyman Proves the Nemesis of John (‘Jake the Barber’) Factor. Chicago: Chicago Literary Club, 1943.Google Scholar
McKibbin, Ross. Classes and Cultures: England 1918–1951. Oxford: Oxford University Press, 2000.Google Scholar
Michie, Ranald. The London Stock Exchange: A History. Oxford: Oxford University Press, 2001.CrossRefGoogle Scholar
Montier, James. Behavioural Investing: A Practitioners Guide to Applying Behavioural Finance. Hoboken, NJ: Wiley, 2009.Google Scholar
Newman, Karin. Financial Marketing and Communications. London: Holt, Rinehart and Winston, 1984.Google Scholar
Newton, Lucy. Credit and Capital in Sheffield: The Finance of Industry in Nineteenth-Century England. Aldershot, UK: Ashgate, 2004.Google Scholar
Nicholls, Ernest. Crime within the Square Mile: The History of Crime in the City of London. London: John Long, 1935.Google Scholar
Robb, George. White-Collar Crime in Modern England: Financial Fraud and Business Morality, 1845–1929. New ed. Cambridge: Cambridge University Press, 2002.Google Scholar
Schiller, Robert J. Irrational Exuberance. Princeton, NJ: Princeton University Press, 2000.Google Scholar
Smithies, Edward. The Black Economy in England since 1914. London: Gill & MacMillan, 1984.Google Scholar
Taylor, James. Creating Capitalism: Joint-Stock Enterprise in British Politics and Culture, 1800–1870. London: Royal Historical Society, 2006.Google Scholar
Thomas, William A. Provincial Stock Exchanges. London: Routledge, 2013.Google Scholar
Touhy, John W. When Capone’s Mob Murdered Roger Touhy. Fort Lee, NJ: Barricade, 2001.Google Scholar
Wilson, Sarah. The Origins of Modern Financial Crime: Historical Foundations and Current Problems in Britain. London: Routledge, 2014.CrossRefGoogle Scholar
Aboody, David, and Lev, Baruch. “Information Asymmetry, R&D, and Insider Gains.” Journal of Finance 55, no. 6 (2000): 2747–2766.CrossRefGoogle Scholar
Arnold, Anthony J. “Should Historians Trust Late Nineteenth-Century Company Financial Statements?” Business History 38, no. 2 (1996): 40–54.CrossRefGoogle Scholar
Arnold, Anthony J., and Matthews, Derek R.. “Corporate Financial Disclosures in the UK, 1920–50: The Effects of Legislative Change and Managerial Discretion.” Accounting and Business Research 32, no. 1 (2002): 3–16.CrossRefGoogle Scholar
Attard, Bernard. “Making a Market: The Jobbers of the London Stock Exchange, 1800–1986.” Financial History Review 7 (2000): 5–24.CrossRefGoogle Scholar
Billings, Mark. “Financial Reporting, Banking and Financial Crisis: Past, Present and Future.” In Complexity and Crisis in the Financial System: Critical Perspectives on American and British Banking, edited by Hollow, M., Akinbami, F., and Michie, R., 287–305. Cheltenham, UK: Elgar, 2016. Broadbridge, Seymour A. “The Sources of Railway Share Capital.” In Railways in the Victorian Economy: Studies in Finance and Economic Growth, edited by M. C. Reed, 184–211. New York: David & Charles, 1969.CrossRefGoogle Scholar
Bryer, Rob A. “Accounting for the “Railway Mania” of 1845—A Great Railway Swindle?” Accounting, Organizations and Society 16, nos. 5–6 (1991): 439–86.CrossRefGoogle Scholar
Crook, Tom. “Suspect Figures: Statistics and Public Trust in Victorian England.” In Statistics and the Public Sphere: Numbers and the People in Modern Britain, c. 1800–2000, edited by Crook, T. and O’Hara, G., 165–184. London: Routledge, 2012.CrossRefGoogle Scholar
Dhaoui, Abderrazak, Bourouis, Saad, and Boyacioglu, Melek Acar. “The Impact of Investor Psychology on Stock Markets: Evidence from France.” Journal of Academic Research in Economics 5, no. 1 (2013): 35–59.Google Scholar
Dixon, Pamela, Garnham, Neal, and Jackson, Andrew. “Shareholders and Shareholding: The Case of the Football Company in Late Victorian England.” Business History 46, no. 4 (2004): 503–524.Google Scholar
Foreman-Peck, James, and Hannah, Leslie. “Extreme Divorce: The Managerial Revolution in UK Companies before 19141.” Economic History Review 65, no. 4 (2012): 1217–1238.CrossRefGoogle Scholar
Freeman, Mark, Pearson, Robin, and Taylor, James. “‘A doe in the city’: Women Shareholders in Eighteenth- and Early Nineteenth-Century Britain.” Accounting, Business & Financial History 16, no. 2 (2006): 265–291.CrossRefGoogle Scholar
Grinblatt, Mark, and Keloharju, Matti. “How Distance, Language, and Culture Influence Stockholdings and Trades.” Journal of Finance 56, no. 3 (2001): 1053–1073.CrossRefGoogle Scholar
Hales, Jeffrey, Kuang, Xi Jason, and Venkataraman, Shankar. “Who Believes the Hype? An Experimental Examination of How Language Affects Investor Judgments.” Journal of Accounting Research 49, no. 1 (2011): 223–255.CrossRefGoogle Scholar
Hollow, Matthew. “Strategic Inertia, Financial Fragility and Organisational Failure: The case of the Birkbeck Bank, 1870–1911.” Business History 56, no. 5 (2014): 746–764. Kohler, Alan. “Is the Market Rigged?” Equity, 27, no. 11(2013): 4–5.CrossRefGoogle Scholar
Lambert, Richard A., Leuz, Christian, and Verrecchia, Robert E.. “Information Asymmetry, Information Precision, and the Cost of Capital.” Review of Finance 16, no.1 (2012): 1–29.CrossRefGoogle Scholar
McCartney, Sean, and Tony Arnold, A. J.. “George Hudson’s Financial Reporting Practices: Putting the Eastern Counties Railway in Context.” Accounting, Business & Financial History 10, no.3 (2000): 293–316.CrossRefGoogle Scholar
Michie, Ranald. “The London Stock Exchange and the British Securities Market 1850–1914.” Economic History Review 38, no. 1 (1985): 61–82.Google Scholar
Michie, Ranald. “The Stock Exchange and the British Economy, 1870–1939.” in Capitalism in a Mature Economy: Financial Institutions, Capital Exports and British Industry, 1870–1939, edited by Van Helten, Jean Jacques and Cassis, Youssef, 101–123. London: Elgar, 1990.Google Scholar
Newton, Lucy, and Cottrell, Philip L.. “Female Investors in the First English and Welsh Commercial Joint-Stock Banks.” Accounting, Business & Financial History 16 , no. 2 (2006): 315–340.Google Scholar
Perriton, Linda, and Maltby, Josephine. “Working-Class Households and Savings in England, 1850–1880.” Enterprise & Society 16, no. 2 (2015): 413–445.Porter, Dilwyn. “‘A Trusted Guide of the Investing Public’: Harry Marks and the Financial News 1884–1916.” Business History, 28, no. 1(1986): 1–17.Google Scholar
Perriton, Linda, and Maltby, Josephine. “‘Speciousness Is the Bucketeer’s Watchword and Outrageous Effrontery His Capital’: Financial Bucket Shops in the City of London, c.1880–1939.” In Cultures of Selling: Perspectives on Consumption and Society since 1700, edited by Benson, J. and Ugolini, Aldershot, L., 103–125. UK: Ashgate, 2006.Google Scholar
Preda, Alex. “The Rise of the Popular Investor: Financial Knowledge and Investing in England and France, 1840–1880.” Sociological Quarterly 42, no. 2 (2001): 205–232.CrossRefGoogle Scholar
Rutterford, Janette. “‘Propositions Put Forward by Quite Honest Men’: Company Prospectuses and Their Contents, 1856 to 1940.” Business History 53, no. 6 (2011): 866–899.CrossRefGoogle Scholar
Rutterford, Janette, and Maltby, Josephine. “‘The Widow, the Clergyman and the Reckless’: Women Investors in England, 1830–1914.” Feminist Economics 12, nos. 1–2 (2006): 111–138.CrossRefGoogle Scholar
Rutterford, Janette, and Sotiropoulos, Dimitris P.. “The Rise of the Small Investor in the US and the UK, 1895 to 1970.” Enterprise & Society (2018).Google Scholar
Rutterford, Janette, Maltby, Josephine, Green, David R., and Owens, Alastair. “Researching Shareholding and Investment in England and Wales: Approaches, Sources and Methods.” Accounting History 14, no. 3 (2009): 269–292.CrossRefGoogle Scholar
Rutterford, Janette, Green, David R., Maltby, Josephine, and Owens, Alastair. “Who Comprised the Nation of Shareholders? Gender and Investment in Great Britain, c. 1870–1935.” Economic History Review 64, no. 1 (2011): 157–187.CrossRefGoogle Scholar
Taylor, James. “Watchdogs or Apologists? Financial Journalism and Company Fraud in Early Victorian Britain." Historical Research 85, no. 230 (2012): 632–650.CrossRefGoogle Scholar
Wortley, B. A. “The Interpretation of the New ‘Fraudulent Trading Section’ of the Companies Act 1929.” Law Quarterly Review 50 (1954): 405–410.Google Scholar
Campbell, Gareth, Rogers, Meeghan, and Turner, John D.. “The Rise and Decline of the UK’s Provincial Stock Markets, 1869–1929.” QUCEH Working Paper Series, no. 2016–03, Queen’s University Centre for Economic History, Belfast, UK, 2016.Google Scholar
Chambers, David. “Financial Dependence and Firm Survival in Inter-war Britain.” Department of Economics Discussion Paper, Series 377, University of Oxford, Oxford, December 2007.Google Scholar
Porter, Dilwyn. “Aspects of the New Financial Journalism, 1884–1914.” Seminar Paper CE/84/4, Institute of Commonwealth Studies, London, 1984.Google Scholar
Swinson, Christopher. “Share Trading and the London Stock Exchange 1914–1945: The Dawn of Regulation.” PhD thesis, Durham University, 2008.Google Scholar