Enslaved Financing of Southern Industry: The Nesbitt Manufacturing Company of South Carolina, 1836–1850

2021 ◽  
pp. 1-44
Author(s):  
SHARON ANN MURPHY
Keyword(s):  
South Carolina ◽  
Profit Maximization ◽  
Market Value ◽  
Financial Assets ◽  
Market Exchange ◽  
Loan Contracts ◽  
Company Stock ◽  
Antebellum Period ◽  
Manufacturing Company ◽  
Panic Of 1837

Incorporated on the eve of the Panic of 1837, the Nesbitt Manufacturing Company of South Carolina owned and hired enslaved individuals to labor in their ironworks, but they also leveraged the market value of this enslaved property by exchanging them for shares of company stock and offering them as collateral in loan contracts. These slaveholders actively experimented with increasingly sophisticated financial tools and institutions in order to facilitate investment, market exchange, and profit maximization within the system of enslavement. Although historians have examined the role of enslaved labor in industrial concerns, they have largely ignored their role in the financing of these operations. Understanding the multiple ways that southerners were turning enslaved property into liquid, flexible financial assets is essential to understanding the depth and breadth of the system of enslavement. In doing so, we can move beyond questions of whether slavery was compatible with industrialization specifically and capitalism more broadly, to an understanding of how slavery and capitalism interacted to promote southern economic development in the antebellum period. At the same time, the experience of the Nesbitt Company reveals the limits of enslaved financing. The aftermath of the Panic of 1837 demonstrated that the market value of enslaved property was much more volatile than enslavers cared to admit. Although southerners could often endure this volatility in the case of enslaved laborers working on plantations or in factories, it made the financialization of slavery a much riskier endeavor for an emerging industrial regime.

Naturalizing affection, securing property: Family, slavery, and the courts in Antebellum South Carolina, 1830–1860

2021 ◽  
pp. 1-20
Author(s):  
Gwendoline M. Alphonso
Keyword(s):  
South Carolina ◽  
Political Institutions ◽  
Political Development ◽  
White Supremacy ◽  
Family Relations ◽  
White Male ◽  
Antebellum South ◽  
Court Cases ◽  
White Family ◽  
Antebellum Period

Abstract The scholarship on race and political development demonstrates that race has long been embedded in public policy and political institutions. Less noticed in this literature is how family, as a deliberate political institution, is used to further racial goals and policy purposes. This article seeks to fill this gap by tracing the foundations of the political welding of family and race to the slave South in the antebellum period from 1830 to 1860. Utilizing rich testimonial evidence in court cases, I demonstrate how antebellum courts in South Carolina constructed a standard of “domestic affection” from the everyday lives of southerners, which established affection as a natural norm practiced by white male slaveowners in their roles as fathers, husbands, and masters. By constructing and regulating domestic affection to uphold slavery amid the waves of multiple modernizing forces (democratization, advancing market economy, and household egalitarianism), Southern courts in the antebellum period presaged their postbellum role of reconstructing white supremacy in the wake of slavery's demise. In both cases the courts played a formative role in naturalizing family relations in racially specific ways, constructing affection and sexuality, respectively, to anchor the white family as the bulwark of white social and political hegemony.

Money, Trade, and Power: The Evolution of Colonial South Carolina's Plantation Society. Edited by Jack P. Greene, Rosemary Brana-Shute, and Randy J. Sparks. Columbia: University of South Carolina Press, 2001. Pp. xiii, 400. $49.95.

2003 ◽  
Vol 63 (1) ◽  
pp. 273-274
Author(s):  
Peter A. Coclanis
Keyword(s):  
South Carolina ◽  
Antebellum South ◽  
Columbia University ◽  
University Of South Carolina ◽  
Antebellum Period ◽  
To Come ◽  
Plantation Society

The “problem” of South Carolina has long fascinated historians of the antebellum period, particularly political historians. Why were Palmetto State politicians always so fiery, confrontational, and eager to come to blows? Many fine scholars have attempted to answer such questions over the years, and, as a result, we know more about the politics of South Carolina than we do about the politics of any other state in the antebellum South.

scholarly journals Impairment Charges and Market Value of Insurance Firms in Nigeria

2019 ◽  
Vol 14 (4) ◽  
pp. 171
Author(s):  
Gospel J. Chukwu ◽  
Godpower W. Obah
Keyword(s):  
Firm Value ◽  
Insurance Industry ◽  
Economic Value ◽  
Negative Relationship ◽  
Market Value ◽  
Financial Assets ◽  
Sample Period ◽  
Share Prices ◽  
Significant Negative Relationship ◽  
Insurance Firms

The purpose of this study is to examine whether impairment of financial assets affects the behaviour of equity investors in the insurance industry in Nigeria. Using a sample of 102 firm-year observations drawn from 17 insurance firms, and another sample of insurance firms whose shares traded at more than par value, the study investigated whether share prices are associated with insurance receivables and with other financial assets. Findings show that share prices are not significantly associated with insurance receivables, or with other financial assets. This is possibly because the shares of many insurance firms in Nigeria traded mostly at par value within the sample period-2012 to 2017. Empirical results further reveal that for the sample of firms whose shares traded at more than par value, there is a significant negative relationship between impairment charges of financial assets and market value, suggesting that investors negatively view impairment charges and regard them as evidence of decline in the economic value of organisational assets. Even with the sample of firms whose shares traded at more than par value, there is an insignificant relationship between insurance receivables and market value, suggesting that investors do not regard the impairment of trade receivables as sufficiently reliable to include them in their assessment of firm value. Regulators of the insurance industry must therefore emphasise confidence-boosting strategies such as the merger of weak insurance firms. This will create larger firms with greater capacity and better performance, as well as improve investors’ perception of the insurance industry in Nigeria.

scholarly journals Determinants of the Industrial Manufacturing Stock’s Holding Period

2018 ◽  
Vol 1 (1) ◽  
pp. 99-125
Author(s):  
Rima Islamiah
Keyword(s):  
Quantitative Research ◽  
Market Value ◽  
Manufacturing Companies ◽  
Holding Period ◽  
Industrial Manufacturing ◽  
Bid Ask Spread ◽  
Panel Data Regression ◽  
Data Regression ◽  
Manufacturing Company ◽  
Positive Effect

This study aims to identify the effect of Market Value (MV), Return on Asset (ROA), Earning per Share (EPS) and Bid-Ask Spread (BAS) over the holding period of manufacturing companies listed in Jakarta Islamic Index (JII). The data used here is period between 2014-2016. This research is a quantitative research. The data used in this research are the outstandingnumber of shares, the volume of stock transactions, closing price, ROA, and EPS. The technique for data analysis which will be used in this research is panel data regression test using REM model. The results of this study show that: 1). Market value have a significant positive effect on the manufacturing company stock’s holding period, which is shown by the value of sig t 0,0075. 2). ROA has no significant effect on on the manufacturing company stock’s holding period, which is shown by the value of sig t 0.1269. 3). EPS did not significantly affect the holding period of the manufacturing company's shares which was shown by the sig t value 0.7358. 4). The variable of Bid-Ask Spread does not significantly affect the holding period of the manufacturing company's stock which is shown by the value of sig t 0.1031. 5). MV, ROA, EPS, BAS according to test of model existence / F test is the existing model used with the value of F statistics 0.000397. 5). The value of Adjusted R2 of 19.85% indicates that variations in the variable of Holding Period can be explained by independent variables, and the remaining 80.65% of the variable of Holding Period are explained by other variables outside the research model.

The Feltham-Ohlson (1995) Model: Empirical Implications

2000 ◽  
Vol 15 (3) ◽  
pp. 321-331 ◽  
Author(s):  
Jing Liu ◽  
James A. Ohlson
Keyword(s):  
Market Value ◽  
Financial Assets ◽  
Positive Coefficient ◽  
Accounting Data ◽  
Nonnegative Coefficient ◽  
Net Operating Assets ◽  
Empirical Implications

This paper develops empirical implications of the Feltham and Ohlson (1995) model, which relates a firm's market value to accounting data and their expected realizations. The key issue concerns how one conceptualizes/measures a firm's expected growth to explain its market value when the model also includes more basic accounting measures reflecting its current performance. It is shown that market value can be expressed in terms of (1) financial assets (liabilities) with a coefficient of 1, (2) the expected change in operating earnings with a nonnegative coefficient, (3) the expected operating earnings with a positive coefficient, (4) current (net) operating assets with a nonnegative coefficient, and (5) the expected change in (net) operating assets with a positive coefficient. One identifies the measure of a firm's expected growth by normalizing the last variable with current (net) operating assets. The variable will be relevant if and only if the accounting is conservative.

scholarly journals PENGARUH ECONOMIC VALUE ADDED TERHADAP TOBIN Q DENGAN MARKET VALUE ADDED SEBAGAI VARIABEL INTERVENING

2018 ◽  
Vol 19 (1) ◽  
pp. 80
Author(s):  
Sri Hermuningsih
Keyword(s):  
Regression Analysis ◽  
Data Analysis ◽  
Firm Value ◽  
Stock Exchange ◽  
Economic Value ◽  
Value Added ◽  
Market Value ◽  
Economic Value Added ◽  
Manufacturing Company ◽  
Market Value Added

This study aims to analyze the effect of Economic Value Added on Tobin Q with Market Valueadded as intervening variable. The sample of this research is a manufacturing company listed onIndonesia Stock Exchange in 2011-2016. Data analysis using regression analysis. The resultsshowed that Economic Value Added did not affect Tobin Q and Market Value added (MVA)effect on Tobin Q. Market Value Added (MVA) did not become intervening variable betweenEVA and Tobin Q. Market Value added are not mediate Economic Value Added to Tobin QKeywords: Economic Value Added, Market Value Added, Firm Value

scholarly journals “Intrinsic Value vs. Market Value: An Empirical Mean-Reversion-Based Study”

2012 ◽  
Vol 2 (2) ◽  
pp. 257
Author(s):  
Hassan El Ibrami ◽  
Saidatou Dicko
Keyword(s):  
Structural Model ◽  
Intrinsic Value ◽  
Market Value ◽  
Mean Reversion ◽  
Financial Statements ◽  
Financial Assets ◽  
Accurate Assessment ◽  
A Company

The market very often overestimates financial assets because of speculation. This makes it difficult to determine the proper value of a company. We believe that intrinsic value should be used to make an accurate assessment. Hence, financial statements data should be used to determine the value of a company. The main purpose of this paper is to measure the performance of a mean reversion structural model in pricing shares. The model was developed by El Ibrami and Naciri (2012). The market is used as a benchmark to determine the performance of the model analyzed. The results of the study show that the market overestimated mean reversion companies by about 10% and remain consistent throughout the industries. Keywords: Mean reversion, Equity, EBIT, Volatility.

Comparison of SME stock portfolio and manufacturing company performance in the Indonesian, Indian and Chinese stock markets

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Luh Gede Sri Artini ◽  
Ni Luh Putu Sri Sandhi
Keyword(s):  
Capital Markets ◽  
Capital Market ◽  
Content Type ◽  
Company Stock ◽  
Stock Portfolios ◽  
Manufacturing Company ◽  
Medium Enterprises ◽  
Stock Portfolio ◽  
One Way Anova ◽  
Better Than

PurposeThe purpose of this study is to determine and compare the performance of small and medium enterprises (SME) and manufacturing company stock portfolios in the Indonesian, Chinese and Indian capital markets by the Sharpe Index and the significance of differences in average performance in the capital market.Design/methodology/approachThis is comparative research that compared the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. The hypothesis examination of comparative test used one-way ANOVA technique on the performance of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets. One-way ANOVA test was used in the analysis to test the average difference of performance indices of SME and manufacturing company stock portfolios is in Indonesian, Chinese and Indian capital markets.FindingsThe performance of SME and manufacturing company stock portfolios in Indonesian capital market was not better than the performances of IHSG and LQ45 Index, the performance of SME and manufacturing company stock portfolios in Chinese capital market (SZSE) was better than the performance of Shenzhen Composite Index and the performance of Shenzhen A-Share Stock Price Index. The comparison of the performances of SME and manufacturing company stock portfolios in Indonesian, Chinese and Indian capital markets showed that the performance of SME and manufacturing company stock portfolios in Chinese capital market was the best and the performance of SME and manufacturing company stock portfolios in Indonesian capital market was the lowest.Practical implicationsThe implication of this study was that SME and manufacturing company stock portfolios had relatively better performances in China and India, so investors should consider investing in SME and manufacturing company stocks. The performance of SME and manufacturing company stock portfolios in Indonesia was not able to exceed market and LQ45 portfolios, so the authority in Indonesia financial market should consider developing a special market for SME and manufacturing company to support the development of SME and manufacturing company in Indonesia and solve the problem of lack of funding source for SME and manufacturing company.Originality/valueThe originality of the present study is in the measurement of the performance of SME and manufacturing company stock portfolio by risk-adjusted return which returns per risk unit measured by Sharpe Index as a more beneficial measurement in measuring stock portfolio performance than average return. Comparative study of the stock portfolio performances of small medium enterprises and manufacturing company In Indonesian, Chinese and Indian stock markets, and object studies conducted in Indonesia, China and India.

Entrepreneurs in the Southern Upcountry: The Case of Spartanburg, South Carolina, 1815–1880

2004 ◽  
Vol 5 (1) ◽  
pp. 77-106
Author(s):  
Bruce W. Eelman
Keyword(s):  
Political Economy ◽  
South Carolina ◽  
New South ◽  
Business History ◽  
The Political ◽  
Business Elite ◽  
Antebellum Era ◽  
Antebellum Period ◽  
New Business ◽  
Post War

Most business histories of the nineteenth-century southern upcountry focus on the shift from a protocapitalist, yeoman-oriented antebellum period to the rapid commercialization and industrialization of the New South era. These studies generally argue for a sharp break in the economic leadership of the region either through the rise of a new business elite, or the reorientation of an agrarian regime. Through a study of Spartanburg, South Carolina, my work challenges this notion of a sharp break and instead finds a vibrant, town-based entrepreneurial elite in both the antebellum and postbellum periods. The revolution that occurred was in the nature of South Carolina's political economy. Spartanburg's entrepreneurs, who struggled to achieve their goals in the antebellum era, found new opportunities as a result of post-war political realignments and the racial politics of Reconstruction. This business history at the community level adds an important chapter to our understanding of the political economy of the Old and New Souths.

Shareholder Litigation, Reputational Loss, and Bank Loan Contracting

2014 ◽  
Vol 49 (4) ◽  
pp. 1101-1132 ◽  
Author(s):  
Saiying Deng ◽  
Richard H. Willis ◽  
Li Xu
Keyword(s):  
Market Value ◽  
Bank Loan ◽  
Borrowing Costs ◽  
Loan Contracts ◽  
Self Selection ◽  
Shareholder Litigation ◽  
Loan Contracting ◽  
Loan Terms ◽  
Bank Loan Contracts ◽  
Loan Spreads

AbstractWe examine shareholder litigation and the price and nonprice terms of bank loan contracts. After filing a lawsuit, defendant firms pay higher loan spreads and up-front charges, experience more financial covenants, and are more likely to have a collateral requirement. These findings are consistent with reputational losses associated with shareholder litigation. The magnitude of a firm’s lost market value when the lawsuit is filed is positively related to the increase in the firm’s future borrowing costs. We investigate whether the lawsuit allegations and its merit affect future bank loan terms. Our results do not appear to be affected by self-selection.

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