Independent women: investing in British Railways, 1870-1922

Graeme G. Acheson, Gareth Campbell, Áine Gallagher, John D. Turner

Research output: Contribution to journalArticle


The early twentieth century saw the British capital market reach a state of maturity before any of its global counterparts. This coincided with more women participating directly in the stock market. In this paper, we analyse whether these female shareholders chose to invest independently of men. Using a novel dataset of almost 500,000 shareholders in some of the largest British railways, we find that women were much more likely to be solo shareholders than men. There is also evidence that they prioritised their independence above other considerations such as where they invested or how diversified they could be.
Original languageEnglish
Pages (from-to)1-44
Number of pages44
JournalEconomic History Review
Publication statusAccepted/In press - 3 Dec 2019


  • gender
  • investment
  • stock market
  • railways

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