American Commercial Banks in Corporate Finance, 1929-1941 PDF
By:Tian Kang Go
Published on 1999 by Routledge
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This book argues with facts and figures that a small group of New York banks, by means of term loans and working in close collaboration with their affiliated life insurance companies, exerted a strong influence over the supply of money and credit, and thus over the economy, throughout the years of the Depression. This study analyzes the growth of term loan under the depression, the concentration of the loans in a handful of powerful New York banks, the interplay between these banks and large life insurance companies in the capital market, and the resulting economic consequences. It also details the changes that took place in the leadership within the financial hierarchy during the depression: the J.D. Rockefeller interests replaced the Morgan-First National interests as the country's dominant financial power- a change that has escaped previous scholarly notice. Originally used as a credit instrument to finance distressed corporations during the prolonged depression, term lending by commercial banksgained momentum in the mid-1930s and had, by 1940, accounted for 30-50% of the outstanding loans held by New York, and Chicago banks. Although a number of studies have attempted to explain the significance of term loans in corporate finance during this period, their treatment of the subject was relatively limited in scope due to absence of systematic data on loans provided by individual banks to their corporate borrowers. This study is the first to investigate all the loans reported by the borrowing corporations to the Securities Exchange Commission between 1935 and 1941 and also to make use of the abundant related materials that appear in a wide range of journals and public documents. Contrary to widely held belief, the banking reforms of the New Deal era failed to reduce Wall Street's influence over finance and industry.
This Book was ranked at 32 by Google Books for keyword Corporate Finance.
Book ID of American Commercial Banks in Corporate Finance, 1929-1941's Books is FVwRPoJPKz8C, Book which was written byTian Kang Gohave ETAG "GHYgwuDtfV8"
Book which was published by Routledge since 1999 have ISBNs, ISBN 13 Code is 9780815333371 and ISBN 10 Code is 0815333374
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