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Publication year
The Rise and Fall of Bank Control in the United States: 1890-1939.
Resource type
Author/contributor
- Simon, Miguel Cantillo (Author)
Title
The Rise and Fall of Bank Control in the United States: 1890-1939.
Abstract
This article studies how equity ownership and corporate control were separated in the United States. Initially, railroads and industrial firms were tightly controlled by a few shareholders; this situation was altered in the 1890s by massive mergers and reorganizations, which allowed private banks to control railroads and industrial firms. Between 1912 and 1939, bank control faded away as a result of a political reaction against financial institutions. Using stock-market data from 1914, the author shows that the eviction of banks from corporate boards depressed firm values by about 7 percent and that part of this value came from cartelization. Copyright 1998 by American Economic Association.
Publication
American Economic Review
Volume
88
Issue
5
Pages
1077-93
Date
1998-12
Citation
Simon, M. C. (1998). The Rise and Fall of Bank Control in the United States: 1890-1939. American Economic Review, 88, 1077–1093.
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