全球智库信息集成服务系统(G2TT): The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

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来源类型	Working Paper
规范类型	报告
DOI	10.3386/w19691
来源ID	Working Paper 19691
	The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950
	Eugene Kandel; Konstantin Kosenko; Randall Morck; Yishay Yafeh
发表日期	2013-12-05
出版年	2013
语种	英语
摘要	Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how the present ownership structure of the United States arose: (1) Until the mid-20th century, US corporate ownership was unexceptional: large pyramidal groups dominated many industries; (2) About half of these resembled groups elsewhere today in being industrially diversified and family controlled; but the others were tightly focused and had widely held apex firms; (3) US business groups disappeared gradually, primarily in the 1940s, and by 1950 were largely gone; Their demise took place against growing concerns that they posed a threat to competition and even to society; (4) The data link the disappearance of business groups to reforms that targeted them explicitly – the Public Utility Holding Company Act (1935) and rising intercorporate dividend taxation (after 1935), or indirectly – enhanced investor protection (after 1934), the Investment Company Act (1940) and escalating estate taxes. Banking reforms and rejuvenated antitrust enforcement may have indirectly contributed too. These reforms, sustained in a lasting anti-big business climate, promoted the dissolution of existing groups and discouraged the formation of new ones. Thus, a multi-pronged reform agenda, sustained by a supportive political climate, created an economy of freestanding firms.
主题	Financial Economics ; Corporate Finance ; History ; Financial History ; Other ; Economic Systems
URL	https://www.nber.org/papers/w19691
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/577366
推荐引用方式 GB/T 7714	Eugene Kandel,Konstantin Kosenko,Randall Morck,et al. The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950. 2013.