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The Evolution Of Bank Boards Of Directors In New York, 1840-1950

Listed author(s):
  • Eugene White

    ()

    (Rutgers University and NBER)

  • Howard Bodenhorn

    (Clemson University and NBER)

Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that tended to align the interests of management, shareholders and other stakeholders until the mid-twentieth century. We trace this development through New York banking law and new data on banks chartered by the State of New York.

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File URL: http://www.sas.rutgers.edu/virtual/snde/wp/2014-04.pdf
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Paper provided by Rutgers University, Department of Economics in its series Departmental Working Papers with number 201404.

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Length: 20 pages
Date of creation: 25 May 2014
Publication status: Published Previously circulated as NBER Working paper No. 20078 (2014)
Handle: RePEc:rut:rutres:201404
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Web page: http://economics.rutgers.edu/

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