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Bank on Steel? Joint-stocks and the Rationalisation of the British Interwar Steel Industry

Listed author(s):
  • Simon C. Holmes


    (St. Catherine's College, University of Oxford)

  • Florian Ploeckl


    (Nuffield College, University of Oxford)

This study investigates the impact of joint-stock banks on the rationalisation of the British interwar steel industry. A new panel data set of steel firm characteristics covering 1920 to 1938 is used to document rationalization and bank involvement, including interlocking directorships, with both found to be more extensive than previously thought. A set of all potential amalgamation pairs is created and used in a logit analysis of the determinants of mergers. Bank involvement with firms increased the probability that a particular merger occurred. Furthermore mergers with bank involvement did not increase the involved firm’s profitability, while those without did.

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Paper provided by Economics Group, Nuffield College, University of Oxford in its series Oxford University Economic and Social History Series with number _093.

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Length: 44 pages
Date of creation: 24 Jan 2012
Handle: RePEc:nuf:esohwp:_093
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