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 evidencefor the first timeof the extent to which corporate managers themselves were beholden to major players in the financial sectorespecially 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.