How good was the profitability of British railways, 1870-1912?

Economic History Review

Volumn 64, Issue 3, 2011, Pages 798-831

  Mitchell, Brian ^a   Chambers, David ^a   Crafts, Nick ^b  

^a UNIVERSITY OF CAMBRIDGE   (United Kingdom)

^b UNIVERSITY OF WARWICK   (United Kingdom)

Author keywords

[No Author keywords available]

Indexed keywords

CAPITAL; ECONOMIC HISTORY; INVESTMENT; PROFITABILITY; RAILWAY TRANSPORT;

EID: 79960471251     PISSN: 00130117     EISSN: 14680289     Source Type: Journal    
DOI: 10.1111/j.1468-0289.2010.00550.x     Document Type: Article

References (35)

1. Aldcroft, D. H., 'The efficiency and enterprise of British railways, 1870-1914', Explorations in Entrepreneurial History, 5 (1968), pp. 158-74.
2. Arnold, A. J. and McCartney, S., 'Rates of return, concentration levels and strategic change in the British railway industry, 1830-1912', Journal of Transport History, 26 (2005), pp. 41-60.
3. Bodie, Z., Kane, A., and Marcus, A. J., Investments (New York, 8th edn. 2007).
4. Cain, P. J., 'Railway combination and government, 1900-1914', Economic History Review, 2nd ser., XXV (1972), pp. 623-41.
5. Cain, P. J., 'Railways, 1870-1914: the maturity of the private system', in M. J. Freeman and D. H. Aldcroft, eds., Transport in Victorian Britain (Manchester, 1988), pp. 92-133.
6. Cheffins, B. R., Corporate ownership and control: British business transformed (Oxford, 2008).
7. Crafts, N., Leunig, T., and Mulatu, A., 'Were British railway companies well managed in the early twentieth century?', Economic History Review, 61 (2008), pp. 842-66.
8. Crafts, N., Mills, T. C., and Mulatu, A., 'Total factor productivity growth on Britain's railways, 1852-1912: a reappraisal of the evidence', Explorations in Economic History, 44 (2007), pp. 608-34.
9. Crompton, G., '"Efficient and economical working?" The performance of the railway companies 1923-33', Business History, 27 (1985), pp. 222-37.
10. Crompton, G. and Jupe, R., '"An awkward fence to cross": railway capitalization in Britain in the inter-war years', Accounting, Business and Financial History, 12 (2002), pp. 439-59.
11. Edelstein, M., Overseas investment in the age of high imperialism: the United Kingdom, 1850-1914 (New York, 1982).
12. Feinstein, C. H., National income, expenditure and output of the United Kingdom, 1855-1965 (Cambridge, 1972).
13. Feinstein, C. H., 'National statistics, 1760-1920', in C. H. Feinstein and S. Pollard, eds., Studies in capital formation in the United Kingdom, 1750-1920 (Oxford, 1988), pp. 259-471.
14. Fishlow, A., American railroads and the transformation of the antebellum economy (Cambridge, Mass., 1965).
15. Fogel, R. W., 'Notes on the social saving controversy', Journal of Economic History, XXXIX (1979), pp. 1-54.
16. Foreman-Peck, J., 'Natural monopoly and railway policy in the nineteenth century', Oxford Economic Papers, 39 (1987), pp. 699-718.
17. Foreman-Peck, J., 'Railways and late Victorian economic growth', in J. Foreman-Peck, ed., New perspectives on the late Victorian economy: essays in quantitative economic history 1860-1914 (Cambridge, 1991), pp. 73-95.
18. Goetzmann, W. N. and Ukhov, A. D., 'British investment overseas, 1870-1913: a modern portfolio theory approach', Review of Finance, 10 (2006), pp. 261-300.
19. Gourvish, T. R., Railways and the British economy, 1830-1914 (1980).
20. Grossman, R. S., 'New indices of British equity prices, 1870-1913', Journal of Economic History, 62 (2002), pp. 121-46.
21. Hannah, L., 'The "divorce" of ownership from control from 1900 onwards: re-calibrating imagined global trends', Business History, 49 (2007), pp. 404-38.
22. Harvey, C. and Press, J., 'Management and the Taff Vale strike of 1900', Business History, 42 (2000), pp. 63-86.
23. Hawke, G. R., Railways and economic growth in England and Wales, 1840-1870 (Oxford, 1970).
24. Irving, R. J., The North Eastern Railway Company, 1870-1914: an economic history (Leicester, 1976).
25. Irving, R. J., 'The profitability and performance of Britain's railways, 1870-1914', Economic History Review, 2nd ser., XXXI (1978), pp. 46-66.
26. Irving, R. J., 'The capitalisation of Britain's railways, 1830-1914', Journal of Transport History, 5 (1984), pp. 1-24.
27. Leunig, T., 'Time is money: a re-assessment of the passenger social savings from Victorian British railways', Journal of Economic History, 66 (2006), pp. 635-73.
28. Lowenfeld, H., Investment, an exact science (1907).
29. McClelland, P., 'Social rates of return on American railroads in the nineteenth century', Economic History Review, 2nd ser., XXV (1972), pp. 471-88.
30. McCloskey, D. N. and Sandberg, L. G., 'From damnation to redemption: judgments on the late Victorian entrepreneur', Explorations in Economic History, 9 (1971), pp. 89-108.
31. Markowitz, H., 'Portfolio selection', Journal of Finance, 7 (1952), pp. 77-91.
32. Michie, R. C., The London Stock Exchange: a history (Oxford, 2001).
33. Mitchell, B. R., 'The coming of the railway and United Kingdom economic growth', Journal of Economic History, XXIV (1964), pp. 315-36.
34. Trebilcock, C., Phoenix Assurance and the development of British insurance, vol. II: the era of the insurance giants 1870-1984 (Cambridge, 1998).
35. Weitzman, M. L., 'A review of the Stern Review on the economics of climate change', Journal of Economic Literature, 45 (2007), pp. 703-24.