Too Big to Fail, Government Bailouts, and Managerial Incentives: The Case of the Reconstruction Finance Corporation Assistance to the Railroad Industry during the Great Depression

Too Big to Fail: Policies and Practices in Government Bailouts

Volumn , Issue , 2003, Pages 49-75

  Mason, Joseph R ^a   Schiffman, Daniel A ^b  

^a DREXEL UNIVERSITY   (United States)

^b BAR ILAN UNIVERSITY   (Israel)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 85184082052     PISSN: None     EISSN: None     Source Type: Book    
DOI: None     Document Type: Chapter

References (38)

1. Altman, Edward I. “Railroad Bankruptcy Propensity.” Journal of Finance, May 1971, pp. 333-45.
2. American Railway Engineering Association. Proceedings of the Annual Convention. Vol. 47. Chicago: American Railway Engineering Association, 1946.
3. Anari, Ali, James W. Kolari, and Joseph R. Mason. “The Speed of Bank Liquidation and the Propagation of the U.S. Great Depression.” Working Paper #02-35, Wharton Financial Institutions, August 2002.
4. Association of American Railroads. Railroad Transportation: A Statistical Record, 1921-1961. Washington D.C., 1962.
5. Barger, Harold. The Transportation Industries, 1889-1946: A Study of Output, Employment, and Productivity. New York: National Bureau of Economic Research, 1951.
6. Bunnell, Edward H. Railroad Accounting and Statistics: Research and Fact Finding as Aids to Management. Chicago: Watson Publications, 1955.
7. Bureau of Information of the Eastern Railways. Railroad Wages and Labor Relations: 1900-46. New York: Bureau of Information of the Eastern Railways, 1947.
8. Calomiris, Charles W., “Financial Factors in the Great Depression. " Journal of Economic Perspectives, Spring 1993, pp. 61-85.
9. Calomiris, Charles W., and Joseph R. Mason. “Contagion and Bank Failures during the Great Depression: The June 1932 Chicago Banking Panic.” American Economic Review, December 1997, pp. 863-83.
10. Calomiris, Charles W., and Berry Wilson. “Bank Capital and Portfolio Management: The 1930‘s ‘Capital Crunch’ and the Scramble to Shed Risk.” NBER Working Paper #6649, July 1998.
11. Clark, Evans. The Internal Debts of the United States. New York: Twentieth Century Fund and the Macmillan Company, 1933.
12. Evans, George Herberton, Jr. “The Early History of Preferred Stock in the United States.” American Economic Review, .March 1929, pp. 43-58.
13. Evans, George Herberton, Jr. “Preferred Stock in the United States, 1850-1878.” American Economic Review. March 1931, pp. 56-62.
14. Haber, William, John Carroll, Mark Kahn, and Morton Peck. Maintenance of Way Employment on U.S. Railroads. Detroit: Brotherhood of Maintenance of Way Employees, 1957.
15. Horton, Donald C. Long Term Debts in the U.S. Washington, D.C.: U.S. Dept, of Commerce, 1937.
16. Interstate Commerce Commission. Annual Report. Washington, D.C.: U.S. Government Printing Office, Various Issues, 1929-1941.
17. Interstate Commerce Commission. Interstate Commerce Commission Activities, 1937-1962; Supplement to the 75th Annual Report. Washington, D.C.: U.S. Government Printing Office, 1962.
18. Interstate Commerce Commission. Statistics of Railways in the United States. Washington, D.C.: U.S. Government Printing Office, 1941.
19. Jones, Jesse H. Fifty Billion Dollars: My Thirteen Years with the RFC (1932-1945). New York: The Macmillan Company, 1951.
20. Martin, Albro. “Railroads and the Equity Receivership: An Essay on Institutional Change.” The Journal of Economic History, September 1974, pp. 685-709.
21. Mason, Joseph R. “The Determinants and Effects of Reconstruction Finance Corporation Assistance to Banks During the Great Depression.” Ph.D. diss., University of Illinois at Urbana-Chainpaign, 1996.
22. Mason, Joseph R. “Do Lender of Last Resort Policies .Matter? The Effects of Reconstruction Finance Corporation Assistance to Banks During the Great Depression.” Journal of Financial Services Research, September 2000, pp. 77-95.
23. Mason, Joseph R. “Reconstruction Finance Corporation Assistance to Financial Institutions and Commercial & Industrial Enterprise in the U.S. Great Depression, 1932-1937.” In Resolution of Financial Distress, edited by Stijn Claessens, Simeon Djankov, and Ashoka Mody, pp. 167-204. Washington: World Bank Press, 2001.
24. Moody’s Governments and Municipals. New York: Moody’s Investors Service, 1939.
25. Moody’s Steam Railroads. New York: Moody Investors Sendee, 1941.
26. Moulton, Harold, and Associates. The American Transportation Problem. Washington, D.C.: Brookings Institution, 1933.
27. Olson, James S. “From Depression to Defense: The Reconstruction Finance Corporation: 1932-1940.” Ph.D. diss., State University of New York at Stony Brook, 1972.
28. Report of Activities of the Reconstruction Finance Corporation. National Archives, Records of the Clerk of the House of Representatives.
29. Report of Activities of the Reconstruction Finance Corporation. Washington, D.C.: U.S. Government Printing Office.
30. Report of the Reconstruction Finance Corporation. Washington, D.C.: U.S. Government Printing Office, 1935-1959.
31. Rose, Nancy L. “Profitability and Product Quality: Economic Determinants of Airline Performance.” Journal of Political Economy, October 1990, pp. 944-64.
32. Schiffman, Daniel A. “Shattered Rails, Ruined Credit: Financial Fragility and Railroad Operations in the Great Depression.” Ph.D. diss., Columbia University, 2000.
33. Schiffman, Daniel A. “Shattered Rails, Ruined Credit: Financial F ragility and Railroad Operations in the Great Depression.” Working Paper, Bar Ilan University, 2002.
34. Spero, Herbert. Reconstruction Finance Corporation Loans to the Railroads, 1932-1931. New York: Bankers Publishing Company, 1939.
35. Sullivan, Francis J. “Reconstruction Finance Corporation and Corporate Financial Policy.” Thesis, George Washington University, 1951.
36. U.S. Senate Committee on Interstate Commerce. Investigation of Railroad Financing. Senate Resolution 71, 74th Congress, 1st sess. Washington, D.C.: U.S. Government Printing Office, 1935.
37. U.S. Senate Subcommittee of the Committee on Banking and Currency. Creation of a Reconstruction Finance Corporation. Washington, D.C.: U.S. Government Printing Office, 1932.
38. Wood, Louis A. Union-Management Cooperation on the Railroads. New Haven: Yale University Press, 1931.