Accessing capital markets: Aristocrats and new share issues in the British bicycle boom of the 1890s
研究了1890年代中期自行车及相关行业公司上市热潮，发现贵族董事作为社会连接是地区企业获得伦敦上市的必要条件，其作用在于获取资本市场资源而非误导投资者。
The article reconsiders the mid-1890s boom in which a large number of firms in the bicycle, pneumatic tyre and related industries were floated. It investigates why so many of these issues featured aristocratic directors in their prospectuses and finds that they represented social connections that were a necessary condition for regional industrial firms to gain a London listing. The case shows that the role and value of these directors was to access capital markets and financial resources, as opposed to a temporary aberration designed to inflate share prices and mislead investors.