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The Diffusion of Stock Ownership in the United States

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  • Gardiner C. Means

Abstract

Growth in number of book stockholders in recent years, 561. — More rapid growth in immediate post-war period, 566. — Customer and employee sales important only after 1920, 567. — Examination of income-tax data for possible shift in ownership, 570. — Large shift in ownership from rich to less rich apparent between 1916 and 1921, none thereafter, 574. — Check on validity of figures by examination of methods of manipulation, 575; by examination of income-tax data, particularly for tax evasion, 576; by discussion of possible explanations of shift, 585; by the evidence of growth in number of book stockholders, 591. — Conclusion, 591. — Statistical Appendix, Tables I–VIII, 593.

Suggested Citation

  • Gardiner C. Means, 1930. "The Diffusion of Stock Ownership in the United States," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 44(4), pages 561-600.
    • Handle: RePEc:oup:qjecon:v:44:y:1930:i:4:p:561-600.
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    Cited by:

    1. Randall Morck, 2005. "How to Eliminate Pyramidal Business Groups: The Double Taxation of Intercorporate Dividends and Other Incisive Uses of Tax Policy," NBER Chapters, in: Tax Policy and the Economy, Volume 19, pages 135-179, National Bureau of Economic Research, Inc.
    2. Mihir A. Desai & Dhammika Dharmapala & Winnie Fung, 2005. "Taxation and the Evolution of Aggregate Corporate Ownership Concentration," NBER Working Papers 11469, National Bureau of Economic Research, Inc.
    3. Foreman-Peck, James & Hannah, Leslie, 2011. "Extreme Divorce: the Managerial Revolution in UK Companies before 1914," Cardiff Economics Working Papers E2011/21, Cardiff University, Cardiff Business School, Economics Section.
    4. William H. Lazonick & Mary O'Sullivan, 1997. "Corporate Governance and Corporate Employment: Is Prosperity Sustainable in the United States?," Economics Working Paper Archive wp_183, Levy Economics Institute.
    5. Hilt, Eric & Jaremski, Matthew & Rahn, Wendy, 2022. "When Uncle Sam introduced Main Street to Wall Street: Liberty Bonds and the transformation of American finance," Journal of Financial Economics, Elsevier, vol. 145(1), pages 194-216.
    6. Alexandre Chirat, 2021. "When Berle and Galbraith brought political economy back to life : Study of a cross-fertilization (1933-1967)," EconomiX Working Papers 2021-27, University of Paris Nanterre, EconomiX.
    7. Jeffrey R. Brown & Zoran Ivković & Paul A. Smith & Scott Weisbenner, 2008. "Neighbors Matter: Causal Community Effects and Stock Market Participation," Journal of Finance, American Finance Association, vol. 63(3), pages 1509-1531, June.
    8. Masao Nakamura, 2015. "Economic Development and Business Groups in Asia: Japan’s Experience and Implications," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 21(1), pages 81-103, March.
    9. Rydqvist, Kristian & Spizman, Joshua & Strebulaev, Ilya, 2014. "Government policy and ownership of equity securities," Journal of Financial Economics, Elsevier, vol. 111(1), pages 70-85.

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