NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

NBER Publications by Carlos D. Ramirez

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February 1996Financing the American Corporation: The Changing Menu of Financial Rela-tionships
with Charles W. Calomiris: h0079
The history of the financing of the American corporation can be described along many dimensions. One dimension of that history that underlies various measures of historical change in corporate finance is the range of feasible relationships between corporations and intermediaries. Intermediaries (including commercial banks, investment banks, pensions, insurance companies, mutual funds, venture capitalists, and commercial paper dealers) provide alternative mechanisms for reducing `frictions' -- communicating information, controlling the use of funds, and physically transacting with corporations -- all of which arise from a corporation's financing needs. The menu of financial relationship choices available to firms has varied over time. That changing menu has been the driving force behind ...

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