Hooley and the Bovril Company

Armstrong, John

doi:10.1080/00076798500000069

Cited by 27 publications

(2 citation statements)

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“…The firm's owners (known as the 'vendors') would typically install several of their members as the initial directors. Nye (2014) p. 215 states that: 'before the Great War, firms were formed and floated by individual entrepreneurs and not by banks' (see also Paish (1951), Harrison (1981), Armstrong (1986), and Chambers and Dimson (2009)). The lawyers aided the firm to draft the prospectus, which comprised a section of financial information certified by the auditors.…”

Section: Institutional Setupmentioning

confidence: 99%

“…British firms were rapidly going public (see Armstrong (1986Armstrong ( , 1990, Franks, Meyer and Rossi (2009), and Hannah (1983)) with IPOs the chosen method of more than 90% of such firms (see Paish (1951)). There was also a growing investor base as the percentage of the population classed as investors rose from 0.8% in 1870 to 2.2% by 1914 (see Michie (2004) p. 72).…”

Section: Institutional Setupmentioning

confidence: 99%

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British IPO directors, 1891–1911

2019

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Company directors in Victorian Britain have a somewhat dubious reputation. There are claims that directors had little business experience with the directorships obtained mainly via social connections. However, a little experience goes a long way, and boards with experienced directors can place their securities in an initial public offering (IPO) at better prices and can obtain more dispersed ownership than inexperienced boards. We find evidence of network effects-directors attracted investors from firms they had previously floated. These beneficial effects of experience are appreciated by the market; experienced directors are more likely to obtain future positions on IPO boards.

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