Did J. P. Morgan's Men Add Liquidity? Corporate Investment, Cash Flow, and Financial Structure at the Turn of the Twentieth Century

Carlos D. Ramı́rez

148 citations0/0 files storedThe Journal of Finance

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Corporate Finance and Governance Banking stability, regulation, efficiency Working Capital and Financial Performance

Abstract

ABSTRACT This article presents evidence suggesting that the relationship that existed between the partnership of J. P. Morgan and its client firms partially resolved the latter's external financing problems by diminishing the principal‐agent and asymmetric information problems. I estimate and compare investment regression equations for a sample of Morgan‐affiliated companies and a control group of nonaffiliated companies. The econometric results seem to indicate that companies not affiliated to the House of Morgan were liquidity constrained.

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References

1976Theory of the firm: Managerial behavior, agency costs and ownership structure 1984Corporate financing and investment decisions when firms have information that investors do not have 1981Credit Rationing in Markets with Imperfect Information 2003Analysis of Panel Data 1988Financing Constraints and Corporate Investment 1978The Visible Hand: The Managerial Revolution in American Business 1987Financing Constraints and Corporate Investment 1991Monitoring and Reputation: The Choice between Bank Loans and Directly Placed Debt

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