Hostname: page-component-586b7cd67f-rdxmf Total loading time: 0 Render date: 2024-11-24T02:55:05.430Z Has data issue: false hasContentIssue false
  • English
  • Français

Family Finance: Value Creation and the Democratization of Cross-Border Governance

Published online by Cambridge University Press:  18 February 2015

Christopher Kobrak
Get access Rights & Permissions [Opens in a new window]

Abstract

As Mira Wilkins has argued, there is a curious disconnect between business and financial history (Wilkins 2004). Whereas business history literature has rediscovered the importance of family business in many countries and in many sectors of contemporary commercial life, for example, little has been written about family banking as an alternative to joint-stock, management-run financial institutions. This lacuna is odd for many reasons. First, family banking is one of the best-known examples of family business in history. Second, family banks once played a much greater role in international investment banking than it does today. Third, some family financial institutions are still active (dominant) in certain market segments and countries. This paper will focus on how, when and why family banking lost its position in international (multinational) banking during the first few decades of the twentieth century. Although political upheaval and a widespread movement to reduce the power of private financial institutions undermined their businesses, family banks suffered, too, from America's maturing as a financial center. I will argue that this shift is connected with the increased importance of American markets and financial regulations, which, in the 1930s, deliberately steered financial transactions away from private dealings and toward transparent impersonal exchanges and capital markets with new forms of aggregated capital and individual investors, in which private banks were ill-suited to manage or at the least for which they had no special competitive edge. Using concepts drawn from an earlier paper on family businesses and relying mostly on secondary sources, this paper will further argue that in markets or market segments, such as Leveraged Buyouts, where uncertainty forms a greater part of the transactional environment, family banking still plays a significant role.

Type
Articles
Information
Enterprise & Society , Volume 10 , Issue 1 , March 2009 , pp. 38 - 89
Copyright
Copyright © The Author(s) 2009. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Bibliography of Works Cited

Books

Achterber, Erich, and Müller-Jabusch, Maximilian. Lebensbilder Deutscher Bankiers aus funf Jahrhunderten. Frankfurt am Main, Germany: Knapp, 1963.Google Scholar
Alcorn, P.B. Success and Survival in Family Owned Businesses. New York: McGraw Hill, 1982.Google Scholar
Baker, George P., and Smith, George David. The New Financial Capitalists: Kohlberg Kravis Roberts and the Creation of Corporate Value. Cambridge: Cambridge University Press, 1998.Google Scholar
Barca, Fabrizio, and Becht, Marco, eds. The Control of Corporate Europe. Oxford: Oxford University Press, 2001.Google Scholar
Baskin, Jonathon Barron, and Maranti, Paul J. Jr. A History ofCorporate Finance. Cambridge: Cambridge University Press, 1997.Google Scholar
Battilossi, Stefano, and Cassis, Youssef, eds. European Banks and the American Challenge: Competition and Cooperation in International Banking Under Bretton Woods. Oxford: Oxford University Press, 2002.Google Scholar
Berghahn, Volker. Modern Germany. Cambridge: Cambridge University Press, 1989.Google Scholar
Berle, Adolf, and Means, Gardiner C.. The Modern Corporation and Private Property. New York: Macmillan, 1932.Google Scholar
Birmingham, Stephen. “Our Crowd”: The Great Jewish Families of New York. New York: Tess Press, 1967.Google Scholar
Burrough, Bryan, and Helgar, John. Barbarians at the Gate: The Fall of NJR Nabisco. New York: Simon and Schuster, 2003.Google Scholar
Brealey, Richard A., and Myers, Stewart C.. Principles of Corporate Finance. New York: McGraw Hill, 1991.Google Scholar
Brown, Jonathan, and Rose, Mary B., eds. Entrepreneurship, Networks and Modern Business. Manchester: University of Manchester Press, 1993.Google Scholar
Burk, Kathleen. Morgan Grenfell 1938–1988: The biography of a merchant bank. Oxford: Oxford University Press, 1989.Google Scholar
Cameron, Rondo, and Bovykin, V.I. et al., eds. International Banking 1870–1914. Oxford: Oxford University Press, 1991.Google Scholar
Carnevali, Francesca. Europe’s Advantage: Banks and Small Firms in Britain, France, Germany and Italy since 1918. Oxford: Oxford University Press, 2005.Google Scholar
Carosso, Vincent P. The Morgans: Private International Bankers, 1854–1913. Cambridge, MA: Harvard University Press, 1987.Google Scholar
Carr, Edward Hallett. Nationalism and After. London: Macmillan, 1968.Google Scholar
Cassis, Youssef. Big Business. The European Experience in the Twentieth Century. Oxford: Oxford University Press, 1997.Google Scholar
Cassis, Youssef. Capitals of Capital: A History of International Financial Centres, 1789–2005. Cambridge: Cambridge University Press, 2006.Google Scholar
Cassis, Youssef. City Bankers, 1890–1914. Cambridge: Cambridge University Press, 1994.Google Scholar
Cassis, Youssef, et al. Management and Business in Britain and France: The Age ofthe Corporate Economy. Oxford: Oxford University Press, 1995.Google Scholar
Casson, Mark. The Economics of Business Culture. Oxford: Oxford University Press, 1991.Google Scholar
Chandler, Alfred. Scale and Scope. Cambridge, MA: Harvard University Press, 1990.Google Scholar
Chew, Donald, ed. Studies in International Corporate Finance and Corporate Governance Systems: A Comparison of the U.S., Japan and Europe. Oxford: Oxford University Press, 1997.Google Scholar
Chernow, Ron. Death of the Banker: The Decline and Fall of the Great Financial Dynasties and the Triumph of the Small Investor. New York: Simon and Schuster, 1999.Google Scholar
Chernow, Ron. The Warburgs. New York: Random House, 1993.Google Scholar
Chernow, Ron. The House of Morgan. New York: Simon and Schuster, 1990.Google Scholar
Coffee, John C. Jr. Gatekeepers: The Professions and Corporate Governance. Oxford: Oxford University Press, 2006.Google Scholar
Colli, Andrea. The History of Family Business, 1850–2000. Cambridge: Cambridge University Press, 2003.Google Scholar
Collins, Michael. Banks and industrial finance in Britain, 1800–1939. Cambridge: Cambridge University Press, 1991.Google Scholar
Collins, Theresa M. Otto Kahn: Art, Money, and Modern Time. Chapel Hill: University of North Carolina Press, 2002.Google Scholar
Cleveland, Harold B. van, and Huertas, Thomas F.. Citibank 1812–1970. Cambridge, MA: Harvard University Press, 1985.Google Scholar
Desjardins, Bernard, et al. Le Credit Lyonnais: 1863–1986. Paris:Droz, 2003.Google Scholar
Dunning, John. Making Globalization Good. Oxford: Oxford University Press, 2003.Google Scholar
Edwards, Jeremy, and Klaus, Fischer. Banks, finance and investment in Germany. Cambridge: Cambridge University Press, 1994.Google Scholar
Ehlern, Svend. International Private Banking: A Study on International Private Banking with Special Focus on the Portfolio Management Business. Berne, Switzerland: Paul Haupt, 1997.Google Scholar
Erturk, Ismail, et al. Financialization at Work. London: Routledge, 2008.Google Scholar
Feldman, Gerald D. The Great Disorder: Politics, Economics, and Society in the German Inflation 1914–1924. Oxford: Oxford University Press, 1993.Google Scholar
Ferguson, Naill. The World’s Banker: History of the House of Rothschild. London: Viking, 1998.Google Scholar
Gall, Lothar, et al. The Deutsche Bank 1870–1995. London: Weidenfeld, 1995.Google Scholar
Gaughan, Patrick A. Mergers, Acquisitions, and Corporate Restructurings. New York: John Wiley and Sons, 1999.Google Scholar
Gerschenkron, Alexander. Economic Backwardness in Historical Perspective. A Book of Essays. Cambridge, MA: Harvard University Press, 1962.Google Scholar
Henderson, Roger. European Finance. New York: McGraw Hill, 1993.Google Scholar
Hibbert, Christopher. The House of Medici: Its Rise and Fall. New York: Perennial, 2003.Google Scholar
Hirschman, Albert O. Exit, Voice, and Loyalty: Responses to Decline in Firms, Organizations, and States. Cambridge, MA: Harvard University Press, 1970.Google Scholar
Hofstadter, Richard. The Age of Reform. New York: Vintage Books, 1955.Google Scholar
Hughes, Jane, and MacDonald, Scott B.. International Banking. New York: Addison Wesley, 2002.Google Scholar
James, Harold. The German Slump. Oxford: Oxford University Press, 1986.Google Scholar
James, Harold. The Nazi Dictatorship and the Deutsche Bank. Cambridge: Cambridge University Press, 2004.Google Scholar
James, Harold. Family Capitalism: Wendels, Haniels, Falcks, and the Continental European Model. Cambridge, MA: Harvard University Press, 2006.Google Scholar
James, Harold. The End of Globalization. Cambridge, MA: Harvard University Press, 2001.Google Scholar
James, Harold, et al. The Role of Banks in the Interwar Economy. Cambridge: Cambridge University Press, 1991.Google Scholar
Jones, Geoffrey. British Multinational Banking: 1830–1990. Oxford: Oxford University Press, 1993.Google Scholar
Jones, Geoffrey. Multinationals and Global Capitalism: from the Nineteenth to the Twenty-First Century. Oxford: Oxford University Press, 2005.Google Scholar
Kindleberger, Charles. A Financial HistoryofWestern Europe. Oxford: Oxford University Press, 1993.Google Scholar
Knight, Frank. Risk, Uncertainty and Profit. Chicago: University of Chicago Press, 1921.Google Scholar
Kobrak, Christopher. Banking on Global Markets: Deutsche Bank and the United States, 1870 to the Present. Cambridge: Cambridge University Press, 2007.Google Scholar
Kocka, Jürgen. Industrial Culture and Bourgeois Society. Business, Labor, and Bureaucracyin Modern Germany. New York: Berghahn Books, 1999.Google Scholar
Kopper, Christopher. Zwischen Markt wirtschaft und Dirigismus: Banken-politikim Dritten “Reich”: 1933–1939. Bonn: Bouvier, 1995.Google Scholar
Lamoreaux, Naomi R. Insider Lending: Banks, Personal Connections and Economic Development in Industrial New England. Cambridge: Cambridge University Press, 1994.Google Scholar
Landes, David. Dynasties: Fortune and Misfortune in the World’s Great Family Businesses. New York: Viking, 2006.Google Scholar
Laulajainen, Risto. Financial Geography: A Banker’s View. London: Routledge, 2003.Google Scholar
Lees, Francis A. Foreign Banking and Investment in the United States: Issues and Alternatives. New York: Wiley & Sons, 1976.Google Scholar
Matis, Herbert. Die Schwarzenberg-Bank. Kapitalbildung und Industriefi-nanzierung in den habsburgischen Erblanden 1787–1830. Vienna: Verlag der Österreichischen Akademie der Wissenschaft, 2005.Google Scholar
McCraw, Thomas K. Prophets of Regulation. Cambridge, MA: Harvard University Press, 1984.Google Scholar
McKenna, Christopher D. The World’s Newest Profession. New York: Cambridge University Press, 2006.Google Scholar
Miller, Danny, and Breton-Miller, Isabelle Le. Managing for the Long Run: Lessons in Competitive Advantage from Great Family Businesses. Cambridge, MA: Harvard University Press, 2005.Google Scholar
Morck, Randall K., ed. A History of Corporate Governance Around the World: Family Business Groups to Professional Managers. Chicago: National Bureau of Economic Research, 2005.Google Scholar
Moore, Karl, and David, Lewis. Birth of the Multinational: 2000 Years of Ancient Business History. Copenhagen: Copenhagen Business School, 1999.Google Scholar
Neubauer, Fred, and Lank, Alden G.. The Family Business: Its Governance and Sustainability. London: Routledge, 1998.Google Scholar
Neumann, Franz. Behemoth. New York: Harper and Row, 1963, first published, 1942.Google Scholar
Obstfeld, Maurice, and Taylor, Alan M.. Global Capital Markets: Integration, Crisis, and Growth. Cambridge: Cambridge University Press, 2004.Google Scholar
Roberts, Richard. Schroders: Merchants & Bankers. New York: Macmillan, 1992.Google Scholar
Roe, Mark. Strong Managers, Weak Owners. Princeton: Princeton University Press, 1994.Google Scholar
Schäfer, Walter. Franz Haniel & Cie. GmbH: Ein Fundament aus Tradition und Leistung. Duisburg-Ruhrort: Franz Haniel & Cie. GmbH, 1987 (private printing).Google Scholar
Schröter, Harm G. Americanization of the European Economy: A Compact Survey of American Economic Influence in Europe since the 1880s. Dordrecht: Springer, 2005.Google Scholar
Shiller, Robert J. The NewFinancial Order: Riskin the 21st Century. Princeton: Princeton University Press, 2003.Google Scholar
Sobel, Robert. The Life and Times of Dillon Read. New York: Dutton, 1991.Google Scholar
Stern, Fritz. Gold and Iron: Bismarck, Bleichröder, and the Building of the German Empire. New York: Knopf, 1977.Google Scholar
Sylla, Richard, et al. The Evolution ofthe American Economy: Growth, Welfare, and Decision Making. New York: Macmillan, 1995.Google Scholar
Strouse, Jean. Morgan: American Financier. New York: Perennial, 2000.Google Scholar
Taylor, Russel. Private Banking Renaissance. London: Lafferty Group, 1995.Google Scholar
Ulrich, Keith. Aufstieg und Fall der Privatbankiers. Die wirtschaftliche Be-deutungvon 1918 bis 1938. Frankfurt: Knapp, 1998.Google Scholar
Williamson, Oliver E. The Mechanisms of Governance. Oxford: Oxford University Press, 1996.Google Scholar
Wilkins, Mira. The History ofForeign Investment in the United States Before 1914. Cambridge, MA: Harvard University Press, 1989.Google Scholar
Ziegler, P. The Sixth Great Power: A History of one of the Greatest Banking Families, Barings 1762–1929. New York: Knopf, 1988.Google Scholar
Zeitlin, Jonathan, and Herrigel, Gary, eds. Americanization and its Limits: Reworking US Technological and Management in Post-war Europe and Japan. Oxford: Oxford University Press, 2000.Google Scholar

Articles and Chapters

Alvesson, Mats, and Lindkvist, Lars. “Transaction Costs, Clan and Corporate Culture.” Journal of Management Studies 30 (1993): 427–52.Google Scholar
Anderson, Ronald, and Reeb, David. “Founding-family Ownership and Firm Performance: Evidence from the S&P 500.” Journal of Finance 58, 3 (2003): 1301–28.Google Scholar
Barberis, Nicholas C., and Thaler, Richard B.. “A Survey of Behavioral Finance.” In The Handbook of the Economics of Finance, eds. Constantinides, George M. et al. Vol.1B, Amsterdam: Elsevier, 2003, 1053–1122.Google Scholar
Barnes, Louis B., and Hersohn, Simon A.. “Transferring Power in the Family Business.” Harvard Business Review 50 (July-August 1976): 105–14.Google Scholar
Berghoff, Hartmut. “Abschied vom klassischen Mittelstand.” in Die deutsche Wirtschaftseliten im 20. Jahrhundert, eds. Berghahn, Volker et al. Essen: Klartext, 2003, 93–113.Google Scholar
Bonin, Hubert. “The Case of the French Banks.” In International Investment Banking: 1870–1914, eds. Cameron, Rondo and Bovykin, V.I.. Oxford: Oxford University Press, 1991, 74–90.Google Scholar
Buckley, Peter J. “Cross-Border Governance in Multinational Enterprise.” In Corporate Governance: Economic, Management, and Financial Issues, eds. Keasey, Kevin et al. Oxford: Oxford University Press, 1997, 200–11.Google Scholar
Carosso, V.P., and Sylla, R.. “U.S. banks in International Finance.” In International Banking, eds. Cameron, R. and Bovykin, V.I.. Oxford: Oxford University Press, 1991, 48–71.Google Scholar
Casson, Mark. “The Economics of the Family Firm.” Scandinavian Economic History Review 47 (1999): 10–23.Google Scholar
Chadeau, Emmanuel. “The Large Family Firm in the Twentieth-Century France.” Business History 35, no. 4 (1993): 184–205.Google Scholar
Colli, Andrea, and Rose, Mary B.. “Family Firms in Comparative Perspective.” In Business History around the World, eds. Amatori, Franco and Jones, Geoffrey. Cambridge: Cambridge University Press, 2003, 339–52.Google Scholar
DeLong, J. Bradford. “Did J. P. Morgan’s Men Add Value?: An Economist’s Perspective on Financial Capitalism.” In Inside the Business Enterprise: Historical Perspectives on the Use of Information, ed. Peter, Temin. Chicago: University of Chicago Press, 1991, 205–36.Google Scholar
Drukarczyk, Jochen, and Schmidt, Hartmut. “Lenders as a force in Corporate Governance Enabling Covenants and the Impact of Bankruptcy Law.” In Comparative Corporate Governance, eds. Hopt, Klaus et al. Oxford: Oxford University Press, 1998, 759–86.Google Scholar
Dyck, Alexander, and Zingales, Luigi. “Private Benefits of Control: An International Comparison.” Journal of Finance 59, no. 2 (2004): 537–600.Google Scholar
Fear, Jeff, and Kobrak, Christopher. “Diverging Paths: Accounting for Corporate Governance in America and Germany”. Business History Review 80 (Spring 2006): 1–48.Google Scholar
Feinstein, Charles H. et al. “International Economic Organization: Banking, Finance, and Trade in Europe between the Wars.” In Banking, Currency, and Finance in Europe Between the Wars, ed. Feinstein, Charles H.. Oxford: Oxford University Press, 1995, 9–76.Google Scholar
Feldman, Gerald D. “Political disputes about the role of banks.” In The Role of Banks in the Interwar Economy, eds. Harold, James. Cambridge: Cambridge University Press, 1991, pp. 13–8.Google Scholar
Fohlin, Caroline. “Does Civil Law Tradition and Universal Banking Crowd Out Securities Markets? Pre-World War I Germany as Counter Example.” Enterprise and Society 8 (2007): 602–41.Google Scholar
Hannah, Leslie. “Pioneering Modern Corporate Governance: A View from London in 1900.” Enterprise and Society 8 (2007): 642–86.Google Scholar
Hannah, Leslie. “The ‘Divorce’ of Ownership from Control from 1900 Onwards: Recalibrating Imagined Global Trends.” Business History 49 (July 2007): 404–38.Google Scholar
Hardach, Gerd. “Banking in Germany, 1918–1919.” In Banking, Currency, and Finance in Europe Between the Wars, ed. Feinstein, Charles H.. Oxford: Oxford University Press, 1995, 269–95.Google Scholar
Herrigel, Gary. “A New Wave in the History ofCorporate Governance.” Enterprise and Society 8 (2007): 455–88.Google Scholar
Hopt, Klaus. “The German Two-Tier Board: Experience, Theories, Reforms.” In Comparative Corporate Governance, eds. Hopt, Klaus et al. Oxford: Oxford University Press, 1998, 227–58.Google Scholar
Jackson, Gregory. “The origins of Nonliberal Corporate Governance in Germany and Japan.” In The Origins of Nonliberal Capitalism, eds. Streeck, Wolfgang and Yamamura, Kozo. Ithaca: Cornell University Press, 2001.Google Scholar
Jensen, Michael. “The Modern Industrial Revolution, Exit, and the Failure of Internal Control Systems.” Journal of Finance 48 (July 1993): 831–80.Google Scholar
Joly, Hervé. “Ende des Familienkapitalismus?” In Die deutsche Wirtschaft-seliten im 20. Jahrhundert, eds. Berghahn, Volker. Essen, Germany: Klartext, 2003, 75–91.Google Scholar
Jones, Geoffrey, and Rose, Mary B.. “Family Capitalism.” Business History 35, no. 4 (1993): 1–16.Google Scholar
Kim, Hicheon, and Hoskisson, Robert E.. “Market (United States) versus Managed (Japanese) Governance.” In Corporate Governance: Economic, Management, and Financial Issues, eds. Keasey, Kevin. Oxford: Oxford University Press, 1997, 174–99.Google Scholar
Kocka, Jürgen. “Family and Bureaucracy in German Industrial Management, 1850–1914: Siemens in Comparative Perspective.” Business History Review 45, no. 2 (1971): 133–56.Google Scholar
Kocka, Jurgen. “The Modern Industrial Enterprise in Germany.” In Managerial Hierarchies, eds. Chandler, Alfred and Daems, Herman. Cambridge, MA: Harvard University Press, 1980, 77–116.Google Scholar
Landes, David S. “French Entrepreneurship and Industrial Growth in the Nineteenth Century.” Journal of Economic History 9 (1949): 45–61.Google Scholar
La Porta, Rafael, Florencio, Lopez-de-Silanes, and Shleifer, Andrei. “Corporate Ownership Around the World.” Journal of Finance 54, no. 2 (1999): 471–517.Google Scholar
Lehmbruch, Gerhard. “The Institutional Embedding of Market Economies: The German ‘Model’ and its Impact on Japan.” In The Origins of Nonliberal Capitalism, eds. Streeck, Wolfgang and Yamamura, Kozo. Ithaca: Cornell University Press, 2001, 39–93.Google Scholar
Mayer, Colin. “New Issues in Corporate Finance.” European Economic Review 32, no. 4 (1988): 1167–83.Google Scholar
Navin, Thomas R., and Sears, Marian V.. “The Rise of a Market for Industrial Securities, 1887–1902.” Business History Review 29, no. 2 (June 1955): 105–38.Google Scholar
Nougaret, Roget. “La banque internationale.” In Le Credit Lyonnais: 1863–1986, eds. Desjardins, Bernard Paris: Druz, 2003.Google Scholar
O'Sullivan, Mary. “The Expansion of the U.S. Stock Market, 1885-1930: Historical Facts and Theoretical Fashions.” Enterprise and Society 8 (2007): 489–542.Google Scholar
Prigge, Stefan. “A Survey of German Corporate Governance.” In Comparative Corporate Governance, eds. Klaus, Hopt. Oxford: Clarendon Press, 1998, 943–1044.Google Scholar
Rajan, Raghuram G., and Zingales, Luigi. “The Great Reversals: The Politics of Financial Development in the Twentieth Century.” Journal ofFinancial Economics 69 (July 2003): 5–50.Google Scholar
Roe, Mark. “The Political Preconditions for Separating Ownership from Corporate Control.” Stanford Law Review 53 (Dec. 2000): 539–606.Google Scholar
Roe, Mark. “A Theory of Path Dependence in Corporate Ownership and Governance.” Stanford Law Review 52 (1999): 127–70.Google Scholar
Schroter, Harm G. “Business History in German-Speaking States at the End of the Century: Achievements and Gaps.” In Business History around the World, eds. Franco, Amatori and Jones, Geoffrey. Cambridge: Cambridge University Press, 2003, 170–91.Google Scholar
Schuker, Stephen A. “Money Doctors Between the Wars: The Competition Between Central Banks, Private Financial Advisers, and Multinational Agencies, 1919–39.” In Money Doctors: The Experience of International Financial Advising: 1850–2000, ed. Flandreau, Marc. London: Routledge, 2003, 49–77.Google Scholar
Wolfgang, Streeck. “Introduction: Explorations into the Origins of Nonliberal Capitalism.” In The Origins ofNonliberal Capitalism, eds. Streeck, Wolfgang and Yamamura, Kozo. Ithica: Cornell University Press, 2001, 1–38.Google Scholar
Tilly, Richard. “International Aspects of the Development of German Banking.” In International Investment Banking: 1870–1914, eds. Cameron, Rondo and Bovykin, V.I.. Oxford: Oxford University Press, 1991, 90–112.Google Scholar
Treue, Wilhelm. “Das Priavtbankwesen im 19. Jahrhundert.” Unternehmens-und Unternehmergeschichte aus fuunf Jahrzehnten, ed. Pohl, Hans. Stuttgart, Germany: Steiner, 1989, 533–66.Google Scholar
Vitolis, Sigurt. “The origins of Bank-Based and Market-Based Financial Systems: Germany, Japan, and the United States.” In The Origins ofNonliberal Capitalism, eds. Streeck, Wolfgang and Yamamura, Kozo. Ithica: Cornell University Press, 2001, 171–253.Google Scholar
Wilkins, Mira. “Foreign Banks and Foreign Investment in the United States.” In International Investment Banking: 1870–1914, eds. Cameron, Rondo and Bovykin, V.I.. Oxford: Oxford University Press, 1991, 232–53.Google Scholar

Unpublished Works

Fear, Jeff, and Kobrak, Christopher. “Banks on Board: Myths and Reality of Banks in German Corporate Governance, 1870-1914.” (Forthcoming).Google Scholar
Hannah, Leslie. “What did Morgan’s Men really do?” University of Tokyo, Discussion Paper, CIRJE F465, Jan. 2007.Google Scholar
James, Harold, and Kobrak, Christopher. “The Persistent Traditions: Family Business in Germany” presented at “Balancing Public and Private Control: Germany and the United States in the Postwar Era.” The Institute for Applied Economics and the Study of Business Enterprise, Johns Hopkins University, 1 Oct. 2004. (Forthcoming).Google Scholar
Kobrak, Christopher. “Deutsche Bank and the United States: From International to Transnational Finance.” Columbia University, Working Paper, 2008.Google Scholar
Temin, Peter, and Voth, Hans-Joachim. “Riding the South Sea Bubble.” Massachusetts Institute of Technology Department of Economics Working Paper Series, 21 Dec. 2003.Google Scholar
Wilkins, Mira. “Disjunctive Sets? Business and Banking History.”"(Originally presented at the European Banking History Conference, May 28–29, Athens, Greece. 2004). In Green, Edwin and Fraser, Pohle Monika, eds. The Human Factor in Banking History, Entrepreneurship, Organization, Management and Personnel, Athens. (Forthcoming).Google Scholar

Newspaper Articles, E-mails, Cases and Websites

“For Richer, for even Richer.” The Economist, 16 Feb. 2008.Google Scholar
Kulla, Bernd (Deutsche Bank Archive) E-mail to author, 20 March 2008.Google Scholar
O’Hara, William T. et al. “The world’s oldest family companies.” Family Business magazine, Dec. 2005, http://www.familybusinessmagazine.com/oldworld.html.Google Scholar
EuropeSal. Oppenheim Website. http://www.Oppenheim.de, Dec. 2005.Google Scholar
“Rise of New York’s Great Investment Houses.” New York Evening Post, 15 Oct. 1926.Google Scholar
“Speyer Becomes Investment Unit.” The Wall Street Journal, 14 June 1934.Google Scholar
“Confessions of a Risk Manager.” The Economist, 9 Aug. 2008.Google Scholar
Guill, Gene D. “Bankers Trust and the Birth of Modern Risk Management.” Case Study, Wharton Financial Institutions Center, 2008.Google Scholar