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Silent Partners: Corporate Ownership, Risk, and the Gender Asset Gap in Antebellum New England

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  • B. Zorina Khan

Abstract

Little is known about corporate ownership, personal wealth, and the composition of investment portfolios by gender during early US industrialization. A sample of 42,500 shareholders in over 200 corporations highlights women's increasing contributions to capital mobilization in banking, manufacturing, and transportation. Female investors assumed significantly higher risk than men in several dimensions. Equity ownership accounted for a larger fraction of women's total assets, their portfolios were not as diversified across firms, and their propensity to hold shares altered less over the life cycle. Such patterns suggest that women's economic decision-making was likely more constrained than that of their male counterparts.

Suggested Citation

  • B. Zorina Khan, 2025. "Silent Partners: Corporate Ownership, Risk, and the Gender Asset Gap in Antebellum New England," AEA Papers and Proceedings, American Economic Association, vol. 115, pages 489-494, May.
    • Handle: RePEc:aea:apandp:v:115:y:2025:p:489-94
    DOI: 10.1257/pandp.20251068
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    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • N21 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: Pre-1913
    • N31 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: Pre-1913
    • N81 - Economic History - - Micro-Business History - - - U.S.; Canada: Pre-1913

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