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Title: Financing past and present
Author: Rogers, Meeghan Ryan
ISNI:       0000 0004 6495 0240
Awarding Body: Queen's University Belfast
Current Institution: Queen's University Belfast
Date of Award: 2017
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This thesis consists of three essays focusing on how firm financing has evolved over time. It begins with an analysis of early equity markets, then examines the rise of professional fund managers, before considering debt in the modern era. The first essay examines the provincial stock exchanges in the United Kingdom, from 1869 to 1929, and provides the first in-depth quantitative assessment of these early markets. I find that they were an important source of financing for regional companies up until circa 1900. Their post-1900 decline was largely due to the changing characteristics of publicly-listed firms. I also find that the provincial and London markets became increasingly integrated over time. The second essay examines changes in the size and scope of investment trusts in the United Kingdom from their inception almost 150 years ago. I introduce a new data set of investment trusts traded on the London stock exchange from 1869 to 2015. There is evidence that investment trusts have changed their focus over time, with early trusts focusing on bonds, whereas trusts today follow the equity market closely and pursue style investing. The results suggest that over the long-run, and recently, investment trusts have generated positive excess returns. The third essay moves on to look at debt, and develops a comprehensive model to explain the wide spectrum of capital structure volatilities in the modern era. Debt policy is not set in isolation, it is interlinked with operating performance and other corporate policies. I find that the volatility of debt is partly due to circumstance, being affected by the volatility of operating cash flows, and partly due to choice, with companies having to decide whether to prioritise stability in debt, cash balances or equity payouts as they cannot focus on all three simultaneously.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available