Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment

Rutterford, Janette; Sotiropoulos, Dimitris and Van Lieshout, Carry (2023). Individual investors and social ownership structures in the UK before the 1930s: Joint holdings and trustee investment. The Economic History Review, 76(2) pp. 661–692.

DOI: https://doi.org/10.1111/ehr.13197

Abstract

After the introduction of limited liability, a growing number of individuals in Britain from a widening social spectrum, including the less affluent, began to own stocks and shares. Drawing upon a unique and large dataset of 35,848 investors between 1870 and 1935, this study analyses joint holdings, which have been a neglected aspect of investor behaviour. Our findings reveal that joint holdings were quite common and that about one in five UK investors were involved in a joint investment. Men were more likely to be joint holders than women for reasons related to institutions of social ownership such as trusts and executorships.

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