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作者:Queens University Belfast
摘要:In the mid-1820s, banks became the first businesses in Great Britain and Ireland to be allowed to form freely on an unlimited liability joint-stock basis. Walter Bagehot warned that their shares would ultimately be owned by widows, orphans, and other impecunious individuals. Another hypothesis is that the governing bodies of these banks, constrained by special legal restrictions on share trading, acted effectively to prevent such shares being transfer-red to the less wealthy. We test both conj...
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作者:University of Notre Dame
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作者:Clemson University
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作者:Lehigh University
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作者:University of North Carolina; University of North Carolina Chapel Hill
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作者:Bar Ilan University
摘要:This article uses a new panel dataset to investigate the relationship between financial fragility and real activity on U.S. railroads during 1929-1940. Leverage had a negative effect on maintenance, within small firms only. Bankruptcy had a positive effect on maintenance and employment, within large firms only. Both leverage and bankruptcy effects were significantly larger during the worst depression years. Had all railroads been bankrupt during 1930-1933, GDP would have increased by 0.2 perce...
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作者:Stanford University
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作者:University of North Dakota Grand Forks
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作者:University of Connecticut
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作者:Colgate University; North Carolina State University; University of Kansas
摘要:Between 1830 and 1860 the United States experienced rapid economic growth but declining stature and rising mortality. Debate has centered on whether the American diet deteriorated in the mid-nineteenth century. Employing census and muster records, this article tests the hypotheses that adult height was positively correlated with local production of nutrients in early childhood and negatively correlated with local mortality conditions, urbanization, proximity to transport, and population mobili...