IDEAS home Printed from https://ideas.repec.org/p/tky/fseres/2007cf465.html
   My bibliography  Save this paper

What did Morgan's Men really do?

Author

Listed:
  • Leslie Hannah

    (Faculty of Economics, University of Tokyo)

Abstract

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.

Suggested Citation

  • Leslie Hannah, 2007. "What did Morgan's Men really do?," CIRJE F-Series CIRJE-F-465, CIRJE, Faculty of Economics, University of Tokyo.
    • Handle: RePEc:tky:fseres:2007cf465
    as

    Download full text from publisher

    File URL: http://www.cirje.e.u-tokyo.ac.jp/research/dp/2007/2007cf465.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Boyce, Gordon, 1992. "64thers, Syndicates, and Stock Promotions: Information Flows and Fund-raising Techniques of British Shipowners Before 1914," The Journal of Economic History, Cambridge University Press, vol. 52(1), pages 181-205, March.
    2. Miwa, Yoshiro & Ramseyer, J. Mark, 2006. "The Fable of the Keiretsu," University of Chicago Press Economics Books, University of Chicago Press, number 9780226532707, October.
    3. Chapman,Stanley, 1992. "Merchant Enterprise in Britain," Cambridge Books, Cambridge University Press, number 9780521351782, October.
    4. Navin, Thomas R. & Sears, Marian V., 1955. "The Rise of a Market for Industrial Securities, 1887-1902," Business History Review, Cambridge University Press, vol. 29(2), pages 105-138, June.
    5. Marco Becht & J. Bradford Delong, 2005. "Why has there been so little blockholding in the United States?," ULB Institutional Repository 2013/13324, ULB -- Universite Libre de Bruxelles.
    6. M. J. Fields, 1932. "The International Mercantile Marine Company-An Ill-Conceived Trust," The Journal of Business, University of Chicago Press, vol. 5, pages 268-268.
    7. Leslie Hannah, 2007. "The 'Divorce' of ownership from control from 1900 onwards: Re-calibrating imagined global trends," Business History, Taylor & Francis Journals, vol. 49(4), pages 404-438.
    8. Fohlin,Caroline, 2011. "Finance Capitalism and Germany's Rise to Industrial Power," Cambridge Books, Cambridge University Press, number 9780521396608, October.
    9. Leslie Hannah, 2007. "The Divorce of Ownership from Control from 1900: Re-calibrating Imagined Global Historical Trends," CIRJE F-Series CIRJE-F-460, CIRJE, Faculty of Economics, University of Tokyo.
    10. Tufano, Peter, 1997. "Business Failure, Judicial Intervention, and Financial Innovation: Restructuring U.S. Railroads in the Nineteenth Century," Business History Review, Cambridge University Press, vol. 71(1), pages 1-40, April.
    11. 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, August.
    12. Fear, Jeffrey & Kobrak, Christopher, 2006. "Diverging Paths: Accounting for Corporate Governance in America and Germany," Business History Review, Cambridge University Press, vol. 80(1), pages 1-48, April.
    13. 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.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Flandreau, Marc, 2017. "Reputation, Regulation and the Collapse of International Capital Markets, 1920-1935," CEPR Discussion Papers 11747, C.E.P.R. Discussion Papers.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Leslie Hannah, 2007. "Pioneering Modern Corporate Governance: a View from London in 1900," CIRJE F-Series CIRJE-F-487, CIRJE, Faculty of Economics, University of Tokyo.
    2. Leslie Hannah, 2007. "Pioneering Modern Corporate Governance: a View from London in 1900 (Subsequently published in "Enterprise and Society", vol. 8, no. 3, September 2007, pp. 642-86. )," CARF F-Series CARF-F-093, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    3. Eric Hilt, 2014. "Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts," NBER Chapters, in: Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective, pages 73-102, National Bureau of Economic Research, Inc.
    4. Acheson, Graeme G. & Coyle, Christopher & Turner, John D., 2015. "Happy hour followed by hangover: Financing the UK brewery industry, 1880-1913," QUCEH Working Paper Series 15-01, Queen's University Belfast, Queen's University Centre for Economic History.
    5. David Chambers & Carsten Burhop & Brian Cheffins, 2016. "The Rise and Fall of the German Stock Market, 1870-1938," Working Papers 25, Department of Economic and Social History at the University of Cambridge, revised 21 Sep 2016.
    6. Sebastian A.J. Keibek, 2016. "Using probate data to determine historical male occupational structures," Working Papers 26, Department of Economic and Social History at the University of Cambridge, revised 21 Mar 2017.
    7. Bryer, Rob, 2013. "Americanism and financial accounting theory – Part 2: The ‘modern business enterprise’, America's transition to capitalism, and the genesis of management accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 24(4), pages 273-318.
    8. Howard Bodenhorn, 2016. "Two Centuries of Finance and Growth in the United States, 1790-1980," Working Papers id:11352, eSocialSciences.
    9. van Hombeeck, Carlos Eduardo, 2020. "An exorbitant privilege in the first age of international financial integration?," Journal of International Money and Finance, Elsevier, vol. 101(C).
    10. 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.
    11. Acheson, Graeme G. & Campbell, Gareth & Turner, John D., 2016. "Common law and the origin of shareholder protection," QUCEH Working Paper Series 2016-04, Queen's University Belfast, Queen's University Centre for Economic History.
    12. Burhop, Carsten & Chambers, David & Cheffins, Brian, 2014. "Regulating IPOs: Evidence from going public in London, 1900–1913," Explorations in Economic History, Elsevier, vol. 51(C), pages 60-76.
    13. Bryer, Rob, 2012. "Americanism and financial accounting theory – Part 1: Was America born capitalist?," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 23(7), pages 511-555.
    14. Turner, John D., 2014. "Financial history and financial economics," QUCEH Working Paper Series 14-03, Queen's University Belfast, Queen's University Centre for Economic History.
    15. Richard, Jacques, 2015. "The dangerous dynamics of modern capitalism (from static to IFRS’ futuristic accounting)," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 30(C), pages 9-34.
    16. Mihret, Dessalegn Getie, 2014. "How can we explain internal auditing? The inadequacy of agency theory and a labor process alternative," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 25(8), pages 771-782.
    17. Graeme G. Acheson & Gareth Campbell & John D. Turner & Nadia Vanteeva, 2015. "Corporate ownership and control in Victorian Britain," Economic History Review, Economic History Society, vol. 68(3), pages 911-936, August.
    18. Yoser Gadhoum, 2006. "Power of Ultimate Controlling Owners: A Survey of Canadian Landscape," Journal of Management & Governance, Springer;Accademia Italiana di Economia Aziendale (AIDEA), vol. 10(2), pages 179-204, May.
    19. Henrekson, Magnus & Jakobsson, Ulf, 2011. "The Swedish Corporate Control Model: Convergence, Persistence or Decline?," Working Paper Series 857, Research Institute of Industrial Economics.
    20. Tyson, Thomas N. & Oldroyd, David & Fleischman, Richard K., 2013. "Was America born capitalist? A counter view," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 24(4), pages 379-396.

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:tky:fseres:2007cf465. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CIRJE administrative office (email available below). General contact details of provider: https://edirc.repec.org/data/ritokjp.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.