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The Rise of the Small Investor in the United States and United Kingdom, 1895 to 1970

Published online by Cambridge University Press:  17 April 2017

JANETTE RUTTERFORD  and
DIMITRIS P. SOTIROPOULOS
JANETTE RUTTERFORD
Affiliation:
Janette Rutterford is Professor of Financial Management at The Open University Business School. Prior to joining the OUBS, Janette worked at Credit Lyonnais as a bond analyst, taught finance at the London School of Economics, and worked in corporate finance at N. M. Rothschild & Sons Limited. Janette’s research has centered on corporate finance, investment management, and the history of finance. She has written a number of texts, notably Corporate Finance & Capital Markets, Financial Strategy, and three editions of An Introduction to Stock Exchange Investment. Janette’s current research is on the history of investment, women and money, behavioral finance, and portfolio diversification. E-mail: [email protected]
DIMITRIS P. SOTIROPOULOS
Affiliation:
Dimitris P. Sotiropoulos is Senior Lecturer in Finance at the Open University Business School. His current research interests are focused on the political economy of derivatives markets, the social aspects of risk management, and the history of financial innovation. He has published three books, the most recent being The Political Economy of Contemporary Capitalism and Its Crisis: Demystifying Finance (Routledge). E-mail: [email protected]
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Abstract

The role of the small shareholder has been largely ignored in the literature, which has tended to concentrate on controlling shareholders and family ownership. Yet, focus on the importance of small shareholders can capture significant aspects of financial development. Pre-1970 debates and policy conflicts linked to stock exchange development concentrated on shareholder democracy and diffusion as key indicators. This article explores the so-called democratization of investment and the factors behind it through the lens of trends in estimates of the UK and U.S. shareholding populations between 1895 and 1970. It covers three key periods: before World War I, before and after the stock market crash of 1929, and post-World War II. It identifies three periods in the United States when shareholder numbers were paramount: in the boom years of the 1920s, as part of the inquest into the 1929 crash, and post-World War II in an attempt to boost stock market activity. In the United Kingdom, although some concern was expressed during the 1920s and 1930s at the passive nature of small investors, who held diversified portfolios with small amounts in each holding, it was the fear of nationalization after World War II that led to more in-depth shareholder estimates.

Type
Articles
Information
Enterprise & Society , Volume 18 , Issue 3 , September 2017 , pp. 485 - 535
Copyright
Copyright © The Author 2017. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

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Navin, Thomas R., and Sears, Marian V.. “The Rise of a Market for Industrial Securities, 1887–1902.” Business History Review 29, no. 2 (June 1955): 105–138.Google Scholar
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Rutterford, Janette. “From Dividend Yield to Discounted Cash Flow: A History of UK and UK Equity Valuation Techniques.” Accounting, Business and Financial History 14, no. 2 (2004): 115–149.Google Scholar
Rutterford, Janette. “Gross or Net: The Impact of Taxation on the History of Equity Valuation.” Accounting History 15, no. 1 (2010): 41–64.Google Scholar
Rutterford, Janette. “Learning from One Another’s Mistakes: Investment Trusts in the UK and the US, 1868 to 1940.” Financial History Review 16, no. 2 (2009): 157–181.Google Scholar
Rutterford, Janette. “The Shareholder Voice: British and American Accents, 1890 to 1965.” Enterprise & Society 13, no. 1 (2012): 120–123.Google Scholar
Rutterford, Janette, and Maltby, Josephine. “‘The Widow, the Clergyman and the Reckless’: Women Investors in England, 1830–1914.” Feminist Economics 12, no. 1/2 (2006): 111–138.Google Scholar
Rutterford, Janette, Green, David, Owens, Alastair, and Maltby, Josephine. “Researching Shareholding and Investment in England and Wales: Approaches, Sources and Methods.” Accounting History 14, no. 3 (2009): 269–292.CrossRefGoogle Scholar
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