Thousands of prospectuses offered shares to British investors at the turn of the twentieth century. We find evidence that there were informed investors who participated in the market at this time. Firms that attracted additional investor demand were more likely to be listed on the London Stock Exchange, survive longer, and achieve better long-run equity returns. We find that the exchange screened lower quality firms away from the main board. The lowest quality firms sorted themselves and did not apply to either the London Stock Exchange main or second board.

中文翻译：

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伦敦资本市场的知情投资者、筛选和分类，1891-1913

在二十世纪之交，成千上万的招股说明书向英国投资者提供了股票。我们发现有证据表明此时有知情投资者参与市场。吸引额外投资者需求的公司更有可能在伦敦证券交易所上市，生存时间更长，并获得更好的长期股票回报。我们发现交易所将质量较低的公司从主板中剔除。质量最低的公司自行排序，既不申请伦敦证券交易所主板也不申请第二板。