TY  - JOUR
AU  - Bodenhorn, Howard
AU  - White, Eugene N
TI  - The Evolution of Bank Boards of Directors in New York, 1840-1950
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 20078
PY  - 2014
Y2  - April 2014
DO  - 10.3386/w20078
UR  - http://www.nber.org/papers/w20078
L1  - http://www.nber.org/papers/w20078.pdf
N1  - Author contact info:
Howard Bodenhorn
John E. Walker Department of Economics
College of Business
201-B Sirrine Hall
Clemson University
Clemson, SC 29634
Tel: 864/656-4335
E-Mail: bodenhorn@gmail.com

Eugene N. White
Department of Economics
Rutgers University
75 Hamilton Street
New Brunswick, NJ 08901-1248
Tel: 732-932-7363
Fax: 732/932-7416
E-Mail: white@economics.rutgers.edu
M1  - published as Howard Bodenhorn, Eugene N. White. "The Evolution of Bank Boards of Directors in New York, 1840–1950," in William J. Collins and Robert A. Margo, editors, "Enterprising America: Businesses, Banks, and Credit Markets in Historical Perspective" University of Chicago Press (2015)

M3  - presented at "Enterprising America:", December 14, 2013
AB  - Contemporary bank governance is criticized for manager-dominated (insider) boards of directors, but from the beginning of the nineteenth century, bank presidents appear also to have operated as chairmen of the boards of directors.  However, the managers were constrained by a variety of rules that tended to align the interests of management, shareholders and other stakeholders until the mid-twentieth century.  We trace this development through New York banking law and new data on banks chartered by the State of New York.
ER  -