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|a The Shanxi Banks
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|a The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north into Siberia, travelled to Moscow and St. Petersburg, and may well have observed Western banking there. Nonetheless, the Shanxi banks were unique. Their dual class shares let owners vote only on insiders' retention and compensation every three or four years. Insiders shares had the same dividend plus votes in meetings advising the general manager on lending or other business decisions, and were swapped upon death or retirement for a third inheritable non-voting equity class, dead shares, with a fixed expiry date. Augmented by contracts permitting the enslavement of insiders' wives and children, and their relative's services as hostages, these governance mechanisms prevented insider fraud and propelled the banks to empire-wide dominance. Modern civil libertarians might question some of these governance innovations, but others provide lessons to modern corporations, regulators, and lawmakers
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Morck, Randall |
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The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north into Siberia, travelled to Moscow and St. Petersburg, and may well have observed Western banking there. Nonetheless, the Shanxi banks were unique. Their dual class shares let owners vote only on insiders' retention and compensation every three or four years. Insiders shares had the same dividend plus votes in meetings advising the general manager on lending or other business decisions, and were swapped upon death or retirement for a third inheritable non-voting equity class, dead shares, with a fixed expiry date. Augmented by contracts permitting the enslavement of insiders' wives and children, and their relative's services as hostages, these governance mechanisms prevented insider fraud and propelled the banks to empire-wide dominance. Modern civil libertarians might question some of these governance innovations, but others provide lessons to modern corporations, regulators, and lawmakers |
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Cambridge, Mass, National Bureau of Economic Research, April 2010 |
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Morck, Randall aut, The Shanxi Banks Randall Morck, Fan Yang, Cambridge, Mass National Bureau of Economic Research April 2010, 1 Online-Ressource, Text txt rdacontent, Computermedien c rdamedia, Online-Ressource cr rdacarrier, NBER working paper series no. w15884, Open Access Controlled Vocabulary for Access Rights http://purl.org/coar/access_right/c_abf2 unrestricted online access, The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north into Siberia, travelled to Moscow and St. Petersburg, and may well have observed Western banking there. Nonetheless, the Shanxi banks were unique. Their dual class shares let owners vote only on insiders' retention and compensation every three or four years. Insiders shares had the same dividend plus votes in meetings advising the general manager on lending or other business decisions, and were swapped upon death or retirement for a third inheritable non-voting equity class, dead shares, with a fixed expiry date. Augmented by contracts permitting the enslavement of insiders' wives and children, and their relative's services as hostages, these governance mechanisms prevented insider fraud and propelled the banks to empire-wide dominance. Modern civil libertarians might question some of these governance innovations, but others provide lessons to modern corporations, regulators, and lawmakers, Hardcopy version available to institutional subscribers., Hardcopy version available to institutional subscribers, Mode of access: World Wide Web., System requirements: Adobe [Acrobat] Reader required for PDF files., Yang, Fan oth, National Bureau of Economic Research oth, http://www.nber.org/papers/w15884 X:NBER Verlag kostenfrei, http://dx.doi.org/10.3386/w15884 X:NBER Verlag kostenfrei, http://dx.doi.org/10.3386/w15884 LFER, http://www.nber.org/papers/w15884 LFER, LFER 2020-12-12T04:00:36Z, http://dx.doi.org/10.3386/w15884 DE-14, DE-14 2020-03-13T10:56:04Z |
| spellingShingle |
Morck, Randall, The Shanxi Banks, The remote inland province of Shanxi was late Qing dynasty China's paramount banking center. Its remoteness and China's almost complete isolation from foreign influence at the time lead historians to posit a Chinese invention of modern banking. However, Shanxi merchants ran a tea trade north into Siberia, travelled to Moscow and St. Petersburg, and may well have observed Western banking there. Nonetheless, the Shanxi banks were unique. Their dual class shares let owners vote only on insiders' retention and compensation every three or four years. Insiders shares had the same dividend plus votes in meetings advising the general manager on lending or other business decisions, and were swapped upon death or retirement for a third inheritable non-voting equity class, dead shares, with a fixed expiry date. Augmented by contracts permitting the enslavement of insiders' wives and children, and their relative's services as hostages, these governance mechanisms prevented insider fraud and propelled the banks to empire-wide dominance. Modern civil libertarians might question some of these governance innovations, but others provide lessons to modern corporations, regulators, and lawmakers |
| title |
The Shanxi Banks |
| title_auth |
The Shanxi Banks |
| title_full |
The Shanxi Banks Randall Morck, Fan Yang |
| title_fullStr |
The Shanxi Banks Randall Morck, Fan Yang |
| title_full_unstemmed |
The Shanxi Banks Randall Morck, Fan Yang |
| title_short |
The Shanxi Banks |
| title_sort |
shanxi banks |
| title_unstemmed |
The Shanxi Banks |
| url |
http://www.nber.org/papers/w15884, http://dx.doi.org/10.3386/w15884 |
