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Did J. P. Morgan's Men Add Liquidity? Corporate Investment, Cash Flow, and Financial Structure at the Turn of the Twentieth Century

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 Ramirez, Carlos D

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Abstract

This article presents evidence suggesting that the relationship that existed between the partnership of J. P. Morgan and its client firms partially resolved the latter's external financing problems by diminishing the principal-agent and asymmetric information problems. The author estimates and compares investment regression equations for a sample of Morgan-affiliated companies and a control group of nonaffiliated companies. The econometric results seem to indicate that companies not affiliated to the house of Morgan were liquidity constrained. Copyright 1995 by American Finance Association.

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Publisher Info
Article provided by American Finance Association in its journal Journal of Finance.

Volume (Year): 50 (1995)
Issue (Month): 2 (June)
Pages: 661-78
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Handle: RePEc:bla:jfinan:v:50:y:1995:i:2:p:661-78

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  1. Egerer, Roland, 1995. "Capital markets, financial intermediaries, and corporate governance : an empirical assessment of the top ten voucher funds in the Czech Republic," Policy Research Working Paper Series 1555, The World Bank. [Downloadable!]
  2. Van Overfelt W. & Annaert J. & De Ceuster M. & Deloof M., 2007. "Do Universal Banks Create Value? Universal Bank Affiliation and Company Performance in Belgium, 1905-1909," Working Papers 2007001, University of Antwerp, Faculty of Applied Economics. [Downloadable!]
  3. Miguel A. Ferreira & Pedro Matos, 2009. "Universal Banks and Corporate Control - Evidence from the Global Syndicated Loan Market," Working Paper Series 1066, European Central Bank. [Downloadable!]
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