{"id":1315,"date":"2016-01-25T17:08:09","date_gmt":"2016-01-25T08:08:09","guid":{"rendered":"http:\/\/www.waseda.jp\/inst\/wias\/?p=1315"},"modified":"2016-12-15T16:08:50","modified_gmt":"2016-12-15T07:08:50","slug":"wias-research-project-seminar-serieswaseda-organizational-and-financial-economics-seminarthe-great-pyramids-of-america-a-revised-history-of-us-business-groups-corporate-ownership-and-regulation-1","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/inst\/wias\/news-en\/2016\/01\/25\/1315\/","title":{"rendered":"WIAS Research Project Seminar Series
Waseda Organizational and Financial Economics Seminar
“The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950 ” by Dr. Yishay Yafeh\uff08Professor, School of Business Administration, The Hebrew University, Israel\uff09(1\/25)"},"content":{"rendered":"

WIAS Research Project Seminar Series Waseda Organizational and Financial Economics Seminar “The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950 ” by Dr. Yishay Yafeh\uff08Professor, School of Business Administration, The Hebrew University, Israel\uff09(1\/25)<\/h3>\n\n\n\n\n\n\n\n\n\n\n
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\nSpeaker<\/th>\n		Yishay Yafeh
\n(Professor, School of Business Administration,The Hebrew University, Israel )
\nProfile (Please click here)<\/a><\/td>\n<\/tr>\n
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\nDate & Time<\/th>\n		Monday,\u00a025\u00a0January 2016, 13:00 – 14:30<\/td>\n<\/tr>\n
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\nVenue<\/th>\n		Rm. 1111 on the 11th floor, Building #11, Waseda University<\/a><\/td>\n<\/tr>\n
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\nOutline<\/th>\n		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:
\n(1) Until the mid-20th century, US corporate ownership was unexceptional: large pyramidal groups dominated many industries;
\n(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;
\n(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;
\n(4) We establish a link between the disappearance of business groups and reforms that targeted them explicitly \u2013 the Public Utility Holding Company Act (1935) and rising intercorporate dividend taxation (after 1935), or indirectly \u2013 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.<\/td>\n<\/tr>\n
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\nSchedule<\/th>\n		13\uff1a00 Opening Remarks \uff08Hideaki Miyajima (Waseda University)\uff09
\n13\uff1a05 Presentation
\n14\uff1a05 Question-and-answer session
\n14\uff1a25 Concluding Remarks\uff08Hideaki Miyajima (Waseda University)\uff09<\/td>\n<\/tr>\n
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\nProspected Audience<\/th>\n		Faculty and staff members of a university, grad students, the general publics<\/td>\n<\/tr>\n
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\nOrganizer<\/th>\n		Research Institute of Business Administration,Waseda University
\nWaseda Institute for Advanced Study,Waseda University<\/td>\n<\/tr>\n
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\nRegistration<\/th>\n		No Pre-Registration Required.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

WIAS Research Project Seminar Series Waseda Organizational and Financial Economics Seminar “The Great Py […]<\/p>\n","protected":false},"author":1,"featured_media":2762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[95],"tags":[82,94,73],"class_list":["post-1315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-en","tag-events-en","tag-general-en","tag-research-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/comments?post=1315"}],"version-history":[{"count":3,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1315\/revisions"}],"predecessor-version":[{"id":2568,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/posts\/1315\/revisions\/2568"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media\/2762"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/media?parent=1315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/categories?post=1315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/inst\/wias\/wp-json\/wp\/v2\/tags?post=1315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}