American Commercial Banks in Corporate Finance, 1929-1941

First published in 1999. The present study does not challenge the argument that a managerial revolution occurred. It does modify the significance of the change by presenting evidence-for the first time-of the extent to which corporate managers themselves were beholden to major players in the financial sector-especially a small group of New York banks which served as the main suppliers of term loans (loans with maturity of 1-10 years) to industrial corporations.