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SUMMARY:Related investing: corporate ownership and the dynamics of capital
  mobilization during industrialization - Professor Zorina Khan
DTSTART:20160425T160000Z
DTEND:20160425T173000Z
UID:TALK63116@talks.cam.ac.uk
CONTACT:Dr Duncan Needham
DESCRIPTION:Scholars engage in extensive debate about the role of families
  and corporations in economic growth.  Some propose that personal ties pro
 vide a mechanism for overcoming such transactions costs as asymmetrical in
 formation\, while others regard familial connections as inefficient with t
 he potential for corruption and exploitation of minority shareholders.  Th
 is empirical study is based on a unique panel data set of shareholders tha
 t have been matched with the manuscript U.S. population censuses\, to prov
 ide information on age\, occupations and wealth of individuals and househo
 lds.   Related investing was widespread among both elite and small shareho
 lders\, and seems to have been pervasive throughout the firm and the corpo
 rate economy\, during the critical period of early industrialization.  Suc
 h connections were especially evident among ordinary investors in emerging
  industries and in the newer\, more risky investments.  "Outsider investor
 s" were able to overcome a lack of experience and information by taking ad
 vantage of their own networks.  The link between related investing and the
  concentration of ownership in the corporations suggests that this phenome
 non was likely associated with a reduction in transactions costs and perce
 ptions of risk\, especially beneficial for capital mobilization in manufac
 turing and transportation.  These patterns are consistent with a more prod
 uctive interpretation of related investing and its function in newly devel
 oping societies.
LOCATION:Darwin College (Seminar Room\, No. 1 Newnham Terrace - entrance v
 ia Porters Lodge on Silver St)
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