{"id":"https://openalex.org/W2056384673","doi":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","title":"Did J. P. Morgan's Men Add Liquidity? Corporate Investment, Cash Flow, and Financial Structure at the Turn of the Twentieth Century","display_name":"Did J. P. Morgan's Men Add Liquidity? Corporate Investment, Cash Flow, and Financial Structure at the Turn of the Twentieth Century","publication_year":1995,"publication_date":"1995-06-01","ids":{"openalex":"https://openalex.org/W2056384673","doi":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","mag":"2056384673"},"language":"en","primary_location":{"id":"doi:10.1111/j.1540-6261.1995.tb04799.x","doi":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5101830937","display_name":"Carlos D. Ram\u0131\u0301rez","orcid":"https://orcid.org/0000-0003-4837-7512","observed_orcids":["https://orcid.org/0000-0003-4837-7512"]},"institutions":[{"id":"https://openalex.org/I102322142","display_name":"Rutgers, The State University of New Jersey","ror":"https://ror.org/05vt9qd57","country_code":"US","type":"education","lineage":["https://openalex.org/I102322142"]},{"id":"https://openalex.org/I162714631","display_name":"George Mason University","ror":"https://ror.org/02jqj7156","country_code":"US","type":"education","lineage":["https://openalex.org/I162714631"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"CARLOS D. RAMIREZ","raw_affiliation_strings":["Ramirez is from the Department of Economics, George Mason University. I am very grateful to Brad De Long who offered valuable insights, comments, and criticisms. I also greatly appreciate comments by David Brown, Charles Calomiris, Lance Davis, Claudia Goldin, Anil Kashyap, David Landes, Ben Polak, Dan Raff, David Scharfstein, Andrei Shleifer, Richard Sylla, Rene\u0301 Stulz, Ling Hui Tan, Peter Temin, Peter Tufano, Jeffrey Williamson, an anonymous referee, participants at the 1992 NBER Summer Institute, seminar participants at the Federal Reserve Board, the Rutgers University School of Business, University of Florida College of Business Administration, as well as participants at Harvard University's Economic History Tea. All remaining errors are my own","Ramirez is from the Department of Economics, George Mason University. I am very grateful to Brad De Long who offered valuable insights, comments, and criticisms. I also greatly appreciate comments by David Brown, Charles Calomiris, Lance Davis, Claudia Goldin, Anil Kashyap, David Landes, Ben Polak, Dan Raff, David Scharfstein, Andrei Shleifer, Richard Sylla, Ren\u00e9 Stulz, Ling Hui Tan, Peter Temin, Peter Tufano, Jeffrey Williamson, an anonymous referee, participants at the 1992 NBER Summer Institute, seminar participants at the Federal Reserve Board, the Rutgers University School of Business, University of Florida College of Business Administration, as well as participants at Harvard University's Economic History Tea. All remaining errors are my own"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Ramirez is from the Department of Economics, George Mason University. I am very grateful to Brad De Long who offered valuable insights, comments, and criticisms. I also greatly appreciate comments by David Brown, Charles Calomiris, Lance Davis, Claudia Goldin, Anil Kashyap, David Landes, Ben Polak, Dan Raff, David Scharfstein, Andrei Shleifer, Richard Sylla, Rene\u0301 Stulz, Ling Hui Tan, Peter Temin, Peter Tufano, Jeffrey Williamson, an anonymous referee, participants at the 1992 NBER Summer Institute, seminar participants at the Federal Reserve Board, the Rutgers University School of Business, University of Florida College of Business Administration, as well as participants at Harvard University's Economic History Tea. All remaining errors are my own","institution_ids":["https://openalex.org/I102322142","https://openalex.org/I162714631"]},{"raw_affiliation_string":"Ramirez is from the Department of Economics, George Mason University. I am very grateful to Brad De Long who offered valuable insights, comments, and criticisms. I also greatly appreciate comments by David Brown, Charles Calomiris, Lance Davis, Claudia Goldin, Anil Kashyap, David Landes, Ben Polak, Dan Raff, David Scharfstein, Andrei Shleifer, Richard Sylla, Ren\u00e9 Stulz, Ling Hui Tan, Peter Temin, Peter Tufano, Jeffrey Williamson, an anonymous referee, participants at the 1992 NBER Summer Institute, seminar participants at the Federal Reserve Board, the Rutgers University School of Business, University of Florida College of Business Administration, as well as participants at Harvard University's Economic History Tea. All remaining errors are my own","institution_ids":["https://openalex.org/I102322142","https://openalex.org/I162714631"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":2,"corresponding_author_ids":["https://openalex.org/A5101830937"],"corresponding_institution_ids":["https://openalex.org/I102322142","https://openalex.org/I162714631"],"apc_list":{"value":4430,"currency":"USD","value_usd":4430},"apc_paid":null,"fwci":25.1715,"has_fulltext":false,"cited_by_count":148,"citation_normalized_percentile":{"value":0.99044332,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":89,"max":99},"biblio":{"volume":"50","issue":"2","first_page":"661","last_page":"661"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10019","display_name":"Corporate Finance and Governance","score":0.9980000257492065,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T12544","display_name":"Working Capital and Financial Performance","score":0.0005000000237487257,"subfield":{"id":"https://openalex.org/subfields/1402","display_name":"Accounting"},"field":{"id":"https://openalex.org/fields/14","display_name":"Business, Management and Accounting"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10127","display_name":"Banking stability, regulation, efficiency","score":0.0003000000142492354,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/j-p-morgan","display_name":"J. P. Morgan","score":0.9079999923706055},{"id":"https://openalex.org/keywords/corporate-investment","display_name":"corporate investment","score":0.8930000066757202},{"id":"https://openalex.org/keywords/cash-flow","display_name":"cash flow","score":0.7670000195503235},{"id":"https://openalex.org/keywords/financial-structure","display_name":"financial structure","score":0.9480000138282776},{"id":"https://openalex.org/keywords/liquidity-constraints","display_name":"liquidity constraints","score":0.8709999918937683},{"id":"https://openalex.org/keywords/principal-agent-problem","display_name":"principal-agent problem","score":0.9070000052452087},{"id":"https://openalex.org/keywords/information-asymmetry","display_name":"information asymmetry","score":0.9879999756813049},{"id":"https://openalex.org/keywords/corporate-financing","display_name":"corporate financing","score":0.4909999966621399},{"id":"https://openalex.org/keywords/early-20th-century","display_name":"early 20th century","score":0.7689999938011169}],"concepts":[{"id":"https://openalex.org/C183582576","wikidata":"https://www.wikidata.org/wiki/Q184783","display_name":"Market liquidity","level":2,"score":0.7583411335945129},{"id":"https://openalex.org/C144559511","wikidata":"https://www.wikidata.org/wiki/Q2986279","display_name":"Principal (computer security)","level":2,"score":0.6694958806037903},{"id":"https://openalex.org/C163428354","wikidata":"https://www.wikidata.org/wiki/Q1047513","display_name":"Cash flow","level":2,"score":0.6611462831497192},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5977211594581604},{"id":"https://openalex.org/C71750763","wikidata":"https://www.wikidata.org/wiki/Q646164","display_name":"General partnership","level":2,"score":0.5553895235061646},{"id":"https://openalex.org/C198531522","wikidata":"https://www.wikidata.org/wiki/Q485146","display_name":"Sample (material)","level":2,"score":0.5145165920257568},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.48758119344711304},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.4533209502696991},{"id":"https://openalex.org/C2778083465","wikidata":"https://www.wikidata.org/wiki/Q693464","display_name":"Cash","level":2,"score":0.4169995188713074},{"id":"https://openalex.org/C144133560","wikidata":"https://www.wikidata.org/wiki/Q4830453","display_name":"Business","level":0,"score":0.39350998401641846},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.37384188175201416},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.3423417806625366},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.08450239896774292},{"id":"https://openalex.org/C111919701","wikidata":"https://www.wikidata.org/wiki/Q9135","display_name":"Operating system","level":1,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C43617362","wikidata":"https://www.wikidata.org/wiki/Q170050","display_name":"Chromatography","level":1,"score":0.0},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.0},{"id":"https://openalex.org/C185592680","wikidata":"https://www.wikidata.org/wiki/Q2329","display_name":"Chemistry","level":0,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0}],"mesh":[],"locations_count":3,"locations":[{"id":"doi:10.1111/j.1540-6261.1995.tb04799.x","doi":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","is_oa":false,"landing_page_url":"https://doi.org/10.1111/j.1540-6261.1995.tb04799.x","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"doi:10.2307/2329423","doi":"https://doi.org/10.2307/2329423","is_oa":false,"landing_page_url":"https://doi.org/10.2307/2329423","pdf_url":null,"source":{"id":"https://openalex.org/S5353659","display_name":"The Journal of Finance","issn_l":"0022-1082","issn":["0022-1082","1540-6261"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","erih-plus","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320595","host_organization_name":"Wiley","host_organization_lineage":["https://openalex.org/P4310320595"],"host_organization_lineage_names":["Wiley"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"The Journal of Finance","raw_type":"journal-article"},{"id":"pmh:oai:RePEc:bla:jfinan:v:50:y:1995:i:2:p:661-78","doi":null,"is_oa":false,"landing_page_url":"http://links.jstor.org/sici?sici=0022-1082%28199506%2950%3A2%3C661%3ADJPMMA%3E2.0.CO%3B2-0&origin=repec","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":null,"sustainable_development_goals":[],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":24,"referenced_works":["https://openalex.org/W149123552","https://openalex.org/W572340375","https://openalex.org/W1485291137","https://openalex.org/W1498333622","https://openalex.org/W1546523058","https://openalex.org/W1547540007","https://openalex.org/W1550144603","https://openalex.org/W1570470290","https://openalex.org/W1981984309","https://openalex.org/W2095643624","https://openalex.org/W2097978133","https://openalex.org/W2118889105","https://openalex.org/W2129432581","https://openalex.org/W2131921554","https://openalex.org/W2149088624","https://openalex.org/W2317786974","https://openalex.org/W2326406876","https://openalex.org/W2341795385","https://openalex.org/W2752617332","https://openalex.org/W2797350841","https://openalex.org/W3124114405","https://openalex.org/W3125564258","https://openalex.org/W4231465344","https://openalex.org/W4244399405"],"related_works":["https://openalex.org/W3124411194","https://openalex.org/W1600068410","https://openalex.org/W1563103971","https://openalex.org/W2043958338","https://openalex.org/W2131921554","https://openalex.org/W4242541877","https://openalex.org/W2179353985","https://openalex.org/W7100326858","https://openalex.org/W1544523549","https://openalex.org/W7098277429"],"abstract_inverted_index":{"ABSTRACT":[0],"This":[1],"article":[2],"presents":[3],"evidence":[4],"suggesting":[5],"that":[6,9,63],"the":[7,12,24,31,68],"relationship":[8],"existed":[10],"between":[11],"partnership":[13],"of":[14,47,54,70],"J.":[15],"P.":[16],"Morgan":[17,71],"and":[18,33,39,50],"its":[19],"client":[20],"firms":[21],"partially":[22],"resolved":[23],"latter's":[25],"external":[26],"financing":[27],"problems":[28],"by":[29],"diminishing":[30],"principal\u2010agent":[32],"asymmetric":[34],"information":[35],"problems.":[36],"I":[37],"estimate":[38],"compare":[40],"investment":[41],"regression":[42],"equations":[43],"for":[44],"a":[45,51],"sample":[46],"Morgan\u2010affiliated":[48],"companies":[49,64],"control":[52],"group":[53],"nonaffiliated":[55],"companies.":[56],"The":[57],"econometric":[58],"results":[59],"seem":[60],"to":[61,67],"indicate":[62],"not":[65],"affiliated":[66],"House":[69],"were":[72],"liquidity":[73],"constrained.":[74]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":3},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2021,"cited_by_count":3},{"year":2019,"cited_by_count":3},{"year":2018,"cited_by_count":1},{"year":2017,"cited_by_count":5},{"year":2016,"cited_by_count":8},{"year":2015,"cited_by_count":9},{"year":2014,"cited_by_count":6},{"year":2013,"cited_by_count":6},{"year":2012,"cited_by_count":8}],"updated_date":"2026-10-12T09:40:04.860316","created_date":"2016-06-24T00:00:00"}
