64THERS, SYNDICATES, AND STOCK PROMOTIONS - INFORMATION FLOWS AND FUND-RAISING TECHNIQUES OF BRITISH SHIPOWNERS BEFORE 1914
成果类型：
Article
署名作者：
BOYCE, G
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050700010317
发表日期：
1992
页码：
181-205
关键词：
摘要：
Analysis of British capital market operations before 1914 has focused on institutional and investor behavior without fully considering entrepreneurial conduct. Consequently, those who argue that industrial performance was impaired because capital flows were obstructed by information blockages have overlooked the role company owners could play in shaping communication lines. The fund-raising techniques used by shipowners reveal that private capital attracted through preferential communication channels supported the rise of large-scale enterprise. Founders were not motivated by supply constraints, nor did they forego profits to retain control. Rather, shipowners created asymmetric information flows to attract resources and shape institutional development.