We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Ownership was encouraged by proximity to New York and higher wealth. Lack of familiarity was also an important barrier. The establishment of Citibank branches within a U.S. county or a foreign...

This appendix contains additional figures and tables referenced in the paper, but not included in the main figures and tables. It contains the geographic distribution of shareholders and a visualization of the business network. It includes alternative specifications for the county-level and...

We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Ownership was encouraged by proximity to New York and higher wealth. Lack of familiarity was also an important barrier. The establishment of Citibank branches within a U.S. county or a foreign...

We study factors influencing individuals' decisions to purchase Citibank stock during the 1920s. Citibank stock had a very high price per share and was only an investment option for wealthy people. The willingness to own shares was encouraged by proximity to New York, but constraints related to...