Bank on steel? Joint-stock banks and the rationalization of the British interwar steel industry
研究两次世界大战期间英国合股银行对钢铁行业合理化的影响，发现银行参与（包括连锁董事）比以往认为的更广泛，且显著提高了企业合并的概率，并影响合并后的盈利能力。
This study investigates the impact of joint-stock banks on the rationalization of the British interwar steel industry. A new panel data set of steel firm characteristics covering 1920–1938 is used to document rationalization and bank involvement, including interlocking directorships, with both found to be more extensive than previously thought. A set of all potential amalgamation pairs is created and used in a logit analysis of the determinants of mergers. Bank involvement with firms increased the probability that a particular merger occurred. Furthermore, mergers with bank involvement differed in their impact on profitability from those without.