Kandel, Eugene; Kosenko, Konstantin; Morck, Randall; … - C.E.P.R. Discussion Papers - 2013
The extent to which business groups ever existed in the United States and, if they did exist, the reasons for their … set to address this issue. We find that (1) business groups, often organized as pyramids, existed at least as early as the ….g., electricity, gas and transportation) but also in manufacturing; (2) In contrast with modern business groups in emerging markets …