The European Association for Banking and Financial History has just started a new working paper series, with Chris Colvin as one of the editors. Along with my co-authors, I have a new working paper available in this series. The paper looks at ownership diffusion in the last half of the nineteenth century. Surprisingly, we find that ownership was much more diffused in the past than we expected. It was also diffuse compared to twenty-first century corporations. The paper is available here.
Daron Acemoglu, Simon Johnson, Amir Kermani, James Kwak and Todd Mitton have written a paper on whether firms connected to Timothy Geithner benefited from these connections. They do so by looking at how stocks of these firms reacted to the announcement that he was a nominee for Treasury Secretary in November 2008. They find that there were large abnormal returns for connected firms. Below is the paper's abstract and the full paper is available here . The announcement of Timothy Geithner as nominee for Treasury Secretary in November 2008 produced a cumulative abnormal return for financial firms with which he had a connection. This return was about 6% after the first full day of trading and about 12% after ten trading days. There were subsequently abnormal negative returns for connected firms when news broke that Geithner's confirmation might be derailed by tax issues. Excess returns for connected firms may reflect the perceived impact of relying on the advice of a small ne...