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The Rise and Fall of Bank Control in the United States: 1890-1939

  • Miguel Cantillo Simon

    (University of California, Berkeley)

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    This article studies how equity ownership and corporate control were separated in the United States. Initially, railroads and industrial firms were tightly controlled by a few shareholders; this situation was altered in the 1890s by massive mergers and reorganizations, which allowed private banks to control railroads and industrial firms. Between 1912 and 1939, bank control faded away as a result of a political reaction against financial institutions. Using stock market data from 1914, I show that the eviction of banks from corporate boards depressed firm values by about 7 percent, and that part of this value came from cartelization.

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    File URL: http://128.118.178.162/eps/fin/papers/9803/9803005.pdf
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    Paper provided by EconWPA in its series Finance with number 9803005.

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    Date of creation: 23 Mar 1998
    Date of revision:
    Handle: RePEc:wpa:wuwpfi:9803005
    Note: Sent pdf file in binary Revised January 1997.
    Contact details of provider: Web page: http://128.118.178.162

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