Dealing with risk: Underwriting sovereign bond issues in London 1870-1914

Research, Preprint OPEN
Mikkelsen, Anders L.;
(2014)
  • Publisher: The European Association for Banking and Financial History (EABH) Frankfurt am Main
  • Subject: Underwriting,Risk,Sovereign Debt,Issuing Practices,Syndicates,Issuing Houses,Financial Intermediaries,Competition | Syndicates | Issuing Houses | F34 | Sovereign Debt | G24 | Financial Intermediaries | Competition | N23 | Issuing Practices | Underwriting | Risk
    • jel: jel:F34 | jel:G24 | jel:N23
      ddc: ddc:330

Using the records of several leading 19th century issuing houses, this paper analyses the transformation of underwriting practices in London's primary sovereign bond market from 1870 to 1914. It shows how underwriting risk developed from being a liability, which market ... View more
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