NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Evolution of Bank Boards of Directors in New York, 1840-1950

Howard Bodenhorn, Eugene N. White

NBER Working Paper No. 20078
Issued in April 2014
NBER Program(s):   CF   DAE

Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors. However, the managers were constrained by a variety of rules that tended to align the interests of management, shareholders and other stakeholders until the mid-twentieth century. We trace this development through New York banking law and new data on banks chartered by the State of New York.

You may purchase this paper on-line in .pdf format from SSRN.com ($5) for electronic delivery.

Information about Free Papers

You should expect a free download if you are a subscriber, a corporate associate of the NBER, a journalist, an employee of the U.S. federal government with a ".GOV" domain name, or a resident of nearly any developing country or transition economy.

If you usually get free papers at work/university but do not at home, you can either connect to your work VPN or proxy (if any) or elect to have a link to the paper emailed to your work email address below. The email address must be connected to a subscribing college, university, or other subscribing institution. Gmail and other free email addresses will not have access.

E-mail:

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w20078

Users who downloaded this paper also downloaded these:
Hilt w20096 Corporate Governance and the Development of Manufacturing Enterprises in Nineteenth-Century Massachusetts
Andersson, Haltiwanger, Kutzbach, Pollakowski, and Weinberg w20066 Job Displacement and the Duration of Joblessness: The Role of Spatial Mismatch
Hautcoeur, Riva, and White w20083 Floating a "Lifeboat": The Banque de France and the Crisis of 1889
Costinot, Donaldson, and Smith w20079 Evolving Comparative Advantage and the Impact of Climate Change in Agricultural Markets: Evidence from 1.7 Million Fields around the World
Hermalin and Weisbach w20028 Understanding Corporate Governance Through Learning Models of Managerial Competence
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us