Capital Structure and the Financial Development of the U.S. Sugar-Refining Industry, 1875–1905
提出一种金融实践分类法，区分融资用于新资本投资还是调整现有资本结构，并用1875-1905年美国制糖工业的案例解释大型工业公司的兴起，比传统假说更符合历史。
In this article I develop a taxonomy of financial practices based on whether financial activity is intended to fund new capital investment or to create new financial structures to accommodate planned changes in the structure of an industry's existing capital stock. The taxonomy is then applied to the financial development of the U.S. sugar-refining industry between 1875 and 1905. The taxonomy provides an explanation of the rise of the large, widely held industrial corporation in the United States that is more consistent with the historical record than are the conventional "financial strain" or "asset liquidation" hypotheses.