Asset ownership and incentives in early shareholder capitalism: Liverpool shipping in the eighteenth century We are deeply indebted to historians Nick Radburn and especially Stephen Behrendt for extensive discussions of eighteenth-century transatlantic trade. Tasfia Chowdhury, Mandy Epprecht, and Florenta Teodoridis provided able research assistance. We also benefited from conversations with Pierre Azoulay, Ken Corts, Bob Gibbons, Avi Goldfarb, Mara Lederman, Joseph Mahoney, Evan Rawley, Mike Ryall, and Scott Stern, and seminar audiences at the College of William & Mary, Columbia University, Drexel University, Erasmus University, ESMT, ESSEC, HEC Paris, INSEAD, London Business School, Massachusetts Institute of Technology, New York University, Ohio State University, Universitè de Paris, UC-Berkeley, University of Michigan, University of Southern California, and University of Toronto

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