Because ownership was already more divorced from control in the largest stock market of 1911 (London) than in the largest stock market of 1995 (New York), the consequences for the economy, for good or ill, could have been considerable. Using a large sample of quoted companies with capital of £1...

The contrast between the findings of the present authors and Cheffins, Chambers and Koustas is explained by their addressing different sizes of firms. Chandler's view of the relative incidence of the divorce of ownership from control among large firms remains unsupported by any quantitative...