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Who Owned Citibank? Familiarity Bias and Business Network Influences on Stock Purchases, 1925-1929

Charles W. Calomiris, Elliot S.M. Oh

NBER Working Paper No. 24431
Issued in March 2018, Revised in August 2019

---- Acknowledgments ----

The authors are grateful to Lois Kauffman, Kerri Anne Burke, Shira Bistricer, and Richard Gomes of Citigroup, who patiently and graciously offered help and advice accessing materials at the Citibank Archive, and to Citigroup for its willingness to open its archive to researchers. The authors thank Daniel Marcin for sharing the New York Times 1924 list of taxpayers, and the NBER and IPUSM for making the 100 Percent Federal Census data available. They thank Dora Costa, Shrihari Santosh, Pablo Slutzky participants in the UCLA economics department conference on Organizations in History and participants in the University of Maryland Brownbag seminar for comments on an earlier draft. They also thank William Harvey, Anastasia De Pierro, Julie van den Kieboom, Julia Davidson, Dabin Moon, Steven Yoon, Xiaoyu Sun, Palmer Lao, Pinank Shah, Atieh Ashkezari, Bryan Lee, Hyungbin Park, Jenny Yoo, and Craig Buckthorp for excellent research assistance, and Taeh-Hwan Kim, Ju-Heon Kang, Jin-Woo Huh, Hyun-Kyu Oh, Ji-Wang Ko, Do-Guen Lee, Tae-Hong Kim, Byung-Jun Song, Hee-Jin Seo, Hae-Do Jeong, Gi-Wook Choi, and Hong-Sik Yoon for efforts in coding data. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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