Capital Structure, Seniority, and Risk Premia: Evidence from the London Stock Exchange, 1870–1929

We thank Brian Taylor of Finaeon for assistance with the IMM data. We thank Will Everett, Alexa Marciano, and Tania Diaz-Bazan for programming assistance; Zeyna Malik, Nick Liu, Sarah Hall, Sarah Ben Thkayet, Margot Kohn, Daria Hadjiemmanuil, Danat Kenzhegali, and Emir Ahmed for data curation. We thank the research director of the ICF Francesco Fabozzi and former research directors Milad Nozari and Sumithra Sudhir for their management of the project. We acknowledge ICF executive director Leigh Ann Clark for her invaluable support, and an anonymous donor who made the data collection, curation, and distribution possible. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.