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What did Morgan's Men really do?

  • Leslie Hannah

    (Faculty of Economics, University of Tokyo)

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    Before 1914, London, the financial centre of a country half the USA's size, had a stock exchange that was larger and qualitatively more developed than New York for both domestic and overseas financing needs. J. P. Morgan's higher profits in New York arose partly from conflicted deals that would later be illegal, as they already were in London. His contributions to the rapid catch-up process by New York are more plausibly seen in terms of successful emulation of European precedents than the information signalling alleged in over-determined, "Whig" models of American financial innovation.

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    Paper provided by CIRJE, Faculty of Economics, University of Tokyo in its series CIRJE F-Series with number CIRJE-F-465.

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    Length: 40 pages
    Date of creation: Jan 2007
    Date of revision:
    Handle: RePEc:tky:fseres:2007cf465
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    1. Yoshiro Miwa & J. Mark Ramseyer, 2001. "The Fable of the Keiretsu," CIRJE F-Series CIRJE-F-109, CIRJE, Faculty of Economics, University of Tokyo.
    2. Marco Becht & J. Bradford DeLong, 2005. "Why Has There Been So Little Block Holding in America?," NBER Chapters, in: A History of Corporate Governance around the World: Family Business Groups to Professional Managers, pages 613-666 National Bureau of Economic Research, Inc.
    3. M. J. Fields, 1932. "The International Mercantile Marine Company-An Ill-Conceived Trust," The Journal of Business, University of Chicago Press, vol. 5, pages 268.
    4. Lance Davis, 1966. "The Capital Markets and Industrial Concentration: The U.S. and U.K., a Comparative Study," Economic History Review, Economic History Society, vol. 19(2), pages 255-272, 08.
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