Rediscovering Risk: English Country Banks as Proto-Venture Capital Firms in the first Industrial Revolution.

Details

Serval ID
serval:BIB_D46F121093D7
Type
Article: article from journal or magazin.
Collection
Publications
Title
Rediscovering Risk: English Country Banks as Proto-Venture Capital Firms in the first Industrial Revolution.
Journal
Journal of Economic History
Author(s)
Brunt L.
Publication state
Published
Issued date
2006
Volume
66
Number
1
Pages
74-102
Abstract
Some English country banks were more like modern venture capital firms than modern banks in terms of legal and managerial structure, size and source of investment funding, size and nature of investments, and riskiness. This is exemplified by Praed Co. of Truro, which was heavily engaged in financing the adoption of a risky new technology Watt steam engines by Cornish copper mines in the period 1775 1800. If some banks were proto venture capital firms, rather than proto-banks, then their illiquid and relatively undiversified investment strategies are more reasonable and their bankruptcies more understandable: high-risk investments sometimes earn negative returns.
Keywords
Z3
Create date
19/11/2007 11:49
Last modification date
20/08/2019 16:54
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