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Costs, it was necessary badly. [The chronicle of successes and failures of trusts see: AlfredD. Chandler, The Visible Hand (Cambridge: Harvard University Press, 1977), pp.
337 - 344. Here it considers work Shaw Livermore, "The Success of Industrial Mergers ", Quarterly Journal of Economics 50 (November 1935): pp. 94.]
Essentially that founders of the beginning of the XX-th century who were their motives and
Expectations, have transformed a significant part of the American industry to the form
The corporate enterprises, enough big that the number of their shareholders was
The industry became an economy of corporations belonging to public. This type
The enterprises not so fast extended in England, in France and in Germany, But after the Second World War it became universal. Whether there were corporation shares more valuable, than the enterprises? What would not be the motives involving investors to shares, this form Investments represented two valid advantages. The shares having Circulation in the market, represented the form of insurance long-term Investment risk, and, besides, they created possibilities better To supervise organizational costs (agency costs). In more general
Terms, it is possible to tell that the shares which are in use in the market, did
Possible decentralisation of investment decisions that in itself Represented essential organizational advantage. This moment we Let's consider in following three sections. 1. The shares which are in use in the market, and investment risk
Arisen after industrial revolution during the period with 1880 for 1914 the big
The enterprises connected very significant capitals, and for long term -- In scales absolutely non-comparable to commercial undertakings The Middle Ages or Renaissance. A keyword - "connected". Iron Roads, steel foundries, a network of an electrical supply required the huge Capitals, and only the rare projects promised so high profit that could To pay off in it is comprehensible short times. If the enterprise appeared
The property of these enterprises can be liquidated under the reasonable price. Risk
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