Why Has There Been So Little Block Holding in America

Abstract

At the start of the twentieth century, corporate control in the United States looked relatively “normal. ” There were no visible large differences between corporate control in the U.S. and corporate control in a typical industrial economy. Large financial intermediaries and plutocratic families held large blocks of shares in the economy’s large and growing Chandlerian enterprises. Such large blockholders played key roles in monitoring, choosing, and replacing managers and setting corporate direction. 1

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