The American Corporation Today

By Carl Kaysen | Go to book overview

5
Financing the American Corporation: The Changing Menu of Financial Relationships

CHARLES W. CALOMIRIS

CARLOS D. RAMIREZ

The history of the financing of the American corporation can be described along many dimensions -- variation in the relative importance of particular contracting forms (e.g., debt vs. equity) as marginal sources of funds, changes in the use of retained earnings vs. external finance, shifts in the relative importance of lending from commercial banks or similar intermediaries (sometimes referred to as "insider" lending) vs. financing from public markets. Each of these potential measures of the historical evolution of corporate finance has been used by financial historians to address particular questions. For example, variation in the relative importance of debt, preferred stock, and common stock as sources of external finance can help gauge the effects of innovations in bankruptcy laws on corporate finance costs. Reductions in the role of banks in financing corporations, often induced by regulatory change, can help measure the importance of regulatory restrictions on banks for corporate finance costs. Changes in the relative cost of external finance through public markets can be related to institutional factors that reduce the costs of public securities offerings.

Our central point in this paper is that there is a single general historical pattern that lies behind each of these three measures of historical change in corporate finance (contracting form, reliance on funds from in-

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The American Corporation Today
Table of contents

Table of contents

  • Title Page iii
  • Contents v
  • Foreword vii
  • Contributors ix
  • 1 - Introduction and Overview 3
  • Appendix 20
  • 2 - The Rise and Transformation of the American Corporation 28
  • Notes 67
  • 3 - How American is the American Corporation? 74
  • Notes 97
  • 4 from Antitrust to Corporation Governance? the Corporation and the Law: 1959-1994 102
  • Notes 122
  • 5 - Financing the American Corporation: the Changing Menu of Financial Relationships 128
  • References 178
  • 6 - The U.S. Corporation and Technical Progress 187
  • References 231
  • 7 - The American Corporation as an Employer: Past, Present, and Future Possibilities 242
  • References 267
  • 8 - The Corporation Faces Issues of Race and Gender 269
  • Notes 290
  • 9 - Corporate Education and Training 292
  • References 319
  • 10 - The Modern Corporation as an Efficiency Instrument: the Comparative Contracting Perspective 327
  • Notes 354
  • Notes 356
  • 11 - The Corporation as a Dispenser of Welfare and Security 360
  • Notes 379
  • References 380
  • 12 - Almost Everywhere: Surging Inequality and Falling Real Wages 383
  • Notes 409
  • 13 - The Corporation as a Political Actor 413
  • Notes 433
  • 14 - Architecture and the Business Corporation 436
  • Notes 470
  • Index 487
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