Death on the stock exchange: The fate of the 1948 population of large UK quoted companies, 1948–2018
本文对1948年在英国股票交易所上市的公司群体进行了长达70年的人口统计分析，追踪其生存记录，发现1513家公司中仅19家存活至2018年，并探讨了死亡原因及生存与公司特征的关系。
This article provides a long-term demographic analysis of the principal members of the population of companies quoted on the UK stock exchanges in 1948. Motivated by theories of natural selection and of corporate governance, it traces the survival records of the 1948 population over the biblical ‘threescore years and ten’ to 2018. Of the population of 1513 companies in 1948, only 19 survived for the full seventy years. The survival rate, as captured by the half-life of companies in the population, is remarkably stable over the period. As well as charting death rates over time, the study explores the causes of death – takeover, failure, etc. Also it analyses the relationship between survival and the characteristics of the firm and its environment.