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Waseda Organizational and Financial Economics Seminar
The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

講演者 Yishay Yafeh 氏
(Professor, School of Business Administration,The Hebrew University, Israel )
講演者のプロフィールはこちら PDFファイルを開きます
日 時 2016年1月25日(月) 13:00~14:30
会 場 早稲田大学 早稲田キャンパス11号館11階 1111号室 PDFファイルを開きます
主 旨 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) We establish a link between the disappearance of business groups and 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 as well. 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.
開会の挨拶(宮島英昭 早稲田大学高等研究所 所長/商学学術院 教授)
対 象 学部生・大学院生・研究者・教職員 等
主 催 早稲田大学産業経営研究所
申込み 事前申し込み不要です。直接会場にお越しください。