Assessable stock and the Comstock mining companies
Bibliographic Data
| ID | 8419066 |
|---|---|
| Authors | Glenda Oskar (Case Western Reserve University, corresponding author) |
| Year | 2023 |
| Volume | 65 |
| Issue | 1 |
| Pages | 157-185 |
| Publication date | 2023-01-02 |
| Open Access | No |
| Type | ARTICLE |
| Venue | Business History (JOURNAL) |
| Journal identifiers | ISSN: 0007-6791 • E-ISSN: 1743-7938 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/00076791.2020.1807951 |
| OpenAlex | W3093840007 |
| Language | EN |
| Citations received | 2 |
| References cited | 21 |
Historically, it was common for companies to issue assessable stock. With assessable stock, a company’s board of directors could request additional payments beyond the initial stock price. Typically, shareholders forfeited their stock ownership if assessments remained unpaid; defaulted shares were sold at auction. This form of securitization became popular in extractive industries, such as gold and silver mining. In this article, I provide a description of its legal history and a detailed case study of large companies with mining claims on the Comstock lode between 1860 and 1877, considered an exemplar of successful mine development with assessable stock. I also examine several hypotheses used to explain the practice of issuing assessable stock, such as limiting agency and information costs
Actuarial science · Business · Common stock · Corporate governance · Limiting · Lode · Payment · Shareholder · Stock (firearms · Stock management · Accounting · Finance · History · Mining and Resource Management · Private Equity and Venture Capital · State Capitalism and Financial Governance
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| Citations per year | 1 |
|---|---|
| Citation span | 2024 - 2025 (2) |
| Highly cited | No |