Eric Hilt
Biographic Data
| ID | 712926 |
|---|---|
| NAME | Eric Hilt |
| GIVEN NAMES | Eric |
| FAMILY NAME | Hilt |
| SIGNATURE | HILT E |
| AFFILIATIONS | Wellesley College |
| VERIFIED | No |
| TOTAL WORKS | 14 |
| TOTAL CITATIONS | 85 |
| AUTHOR COUNT | 14 |
| EDITOR COUNT | 0 |
| FIRST PUBLICATION YEAR | 1993 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 5 |
Inflation, War Bonds, and Voter Backlash in the 1950s
We study the role of war bonds and inflation in post-WWII federal elections. After WWII, major bouts of inflation in 1946-48 and 1950-51 depressed the real returns of the bonds sold to households during the war. In a difference-in-differences framework, we find that counties with higher war bond purchases shifted their votes towards the Republican Party in postwar elections. To address the endogeneity of war bond purchases, we use an instrumental…
The Value of Ratings: Evidence from their Introduction in Securities Markets
War bonds and household saving in WWII
Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Fe…
"Economic History, Historical Analysis, and the "New History of Capitalism
This article presents a critical survey of ten books from the history of capitalism, a newly emerging subfield of history. At their best, the books offer provocative insights and vivid descriptions of some of the darker episodes of our economic past. Yet specious arguments and failures of analytical reasoning sometimes undermine these books' effectiveness as social criticism. I highlight insights from the field of economic history that would stre…
Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I
Eric Hilt, Wendy M. Rahn, Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I, RSF: The Russell Sage Foundation Journal of the Social Sciences, Vol. 2, No. 6, Wealth Inequality: Economic and Social Dimensions (October 2016), pp. 86-108
Economic Effects of Runs on Early “Shadow Banks”: Trust Companies and the Impact of the Panic of 1907
We study the effects of a contraction in financial intermediation on nonfinancial firms. The Panic of 1907 originated in the shadow banks of the time, New York’s trust companies. The runs were caused by a shock unrelated to the trust companies’ nonfinancial corporate clients. In the years following the panic, corporations affiliated with the worst-affected trusts made fewer capital investments, paid lower dividends, and suffered lower profitabili…
Shareholder voting rights in early American corporations
In early American corporations, the power of large shareholders was frequently limited by voting rules that partially disenfranchised them. In particular, stock held in an individual's name was granted a number of votes per share that decreased with the number of shares held. Using data from the corporations created in New York up to 1825, this paper analyses the use of these ‘graduated’ voting rights. Consistent with the view that they were inte…
Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826
Using newly collected data, this article compares the wealth and status of New York City households who owned corporate stock to the general population both in 1791, when there were only two corporations in the state, and in 1826, when there were hundreds. The results indicate that although corporate stock was held principally by the city's elite merchants in both periods, share ownership became more widespread over time among less affluent house…
The Limited Partnership in New York, 1822–1858: Partnerships Without Kinship
In 1822 New York became the first of many common law states to authorize the formation of limited partnerships. Little is known about the effects of these statutes. This article analyzes the use of the limited partnership in nineteenth-century New York City. We find that the form was adopted by a surprising number of firms, and that limited partnerships had more capital, failed at lower rates, and had fewer members with kinship ties, compared to …
Rogue Finance: The Life and Fire Insurance Company and the Panic of 1826
In July of 1826, a financial panic on Wall Street caused several companies to fail abruptly and precipitated runs on two of New York City's fifteen banks. Life and Fire Insurance became the largest of the bankruptcies. In violation of New York's banking statutes, the firm had engaged in lending on a massive scale during the speculative boom that prevailed in 1824–25. Innovative lending techniques had been developed outside the traditional banking…
The negative trade-off between risk and incentives: Evidence from the american whaling industry
When did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century
This article analyzes the ownership structures and governance institutions of New York's corporations in the 1820s, using a new dataset collected from the records of the state's 1823 capital tax, and from the corporate charters. In contrast to Berle and Means's account of the development of the corporation, the results indicate that many firms were dominated by large shareholders, who were represented on the firms' boards, and held sweeping power…
Private investment and democracy in Latin America
When did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century
This article analyzes the ownership structures and governance institutions of New York's corporations in the 1820s, using a new dataset collected from the records of the state's 1823 capital tax, and from the corporate charters. In contrast to Berle and Means's account of the development of the corporation, the results indicate that many firms were dominated by large shareholders, who were represented on the firms' boards, and held sweeping power…
"Economic History, Historical Analysis, and the "New History of Capitalism
This article presents a critical survey of ten books from the history of capitalism, a newly emerging subfield of history. At their best, the books offer provocative insights and vivid descriptions of some of the darker episodes of our economic past. Yet specious arguments and failures of analytical reasoning sometimes undermine these books' effectiveness as social criticism. I highlight insights from the field of economic history that would stre…
Economic Effects of Runs on Early “Shadow Banks”: Trust Companies and the Impact of the Panic of 1907
We study the effects of a contraction in financial intermediation on nonfinancial firms. The Panic of 1907 originated in the shadow banks of the time, New York’s trust companies. The runs were caused by a shock unrelated to the trust companies’ nonfinancial corporate clients. In the years following the panic, corporations affiliated with the worst-affected trusts made fewer capital investments, paid lower dividends, and suffered lower profitabili…
The Limited Partnership in New York, 1822–1858: Partnerships Without Kinship
In 1822 New York became the first of many common law states to authorize the formation of limited partnerships. Little is known about the effects of these statutes. This article analyzes the use of the limited partnership in nineteenth-century New York City. We find that the form was adopted by a surprising number of firms, and that limited partnerships had more capital, failed at lower rates, and had fewer members with kinship ties, compared to …
Private investment and democracy in Latin America
Rogue Finance: The Life and Fire Insurance Company and the Panic of 1826
In July of 1826, a financial panic on Wall Street caused several companies to fail abruptly and precipitated runs on two of New York City's fifteen banks. Life and Fire Insurance became the largest of the bankruptcies. In violation of New York's banking statutes, the firm had engaged in lending on a massive scale during the speculative boom that prevailed in 1824–25. Innovative lending techniques had been developed outside the traditional banking…
Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Fe…
Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826
Using newly collected data, this article compares the wealth and status of New York City households who owned corporate stock to the general population both in 1791, when there were only two corporations in the state, and in 1826, when there were hundreds. The results indicate that although corporate stock was held principally by the city's elite merchants in both periods, share ownership became more widespread over time among less affluent house…
War bonds and household saving in WWII
Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I
Eric Hilt, Wendy M. Rahn, Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I, RSF: The Russell Sage Foundation Journal of the Social Sciences, Vol. 2, No. 6, Wealth Inequality: Economic and Social Dimensions (October 2016), pp. 86-108
Shareholder voting rights in early American corporations
In early American corporations, the power of large shareholders was frequently limited by voting rules that partially disenfranchised them. In particular, stock held in an individual's name was granted a number of votes per share that decreased with the number of shares held. Using data from the corporations created in New York up to 1825, this paper analyses the use of these ‘graduated’ voting rights. Consistent with the view that they were inte…
Private investment and democracy in Latin America
When did Ownership Separate from Control? Corporate Governance in the Early Nineteenth Century
This article analyzes the ownership structures and governance institutions of New York's corporations in the 1820s, using a new dataset collected from the records of the state's 1823 capital tax, and from the corporate charters. In contrast to Berle and Means's account of the development of the corporation, the results indicate that many firms were dominated by large shareholders, who were represented on the firms' boards, and held sweeping power…
The negative trade-off between risk and incentives: Evidence from the american whaling industry
The Limited Partnership in New York, 1822–1858: Partnerships Without Kinship
In 1822 New York became the first of many common law states to authorize the formation of limited partnerships. Little is known about the effects of these statutes. This article analyzes the use of the limited partnership in nineteenth-century New York City. We find that the form was adopted by a surprising number of firms, and that limited partnerships had more capital, failed at lower rates, and had fewer members with kinship ties, compared to …
Rogue Finance: The Life and Fire Insurance Company and the Panic of 1826
In July of 1826, a financial panic on Wall Street caused several companies to fail abruptly and precipitated runs on two of New York City's fifteen banks. Life and Fire Insurance became the largest of the bankruptcies. In violation of New York's banking statutes, the firm had engaged in lending on a massive scale during the speculative boom that prevailed in 1824–25. Innovative lending techniques had been developed outside the traditional banking…
Democratic Dividends: Stockholding, Wealth, and Politics in New York, 1791–1826
Using newly collected data, this article compares the wealth and status of New York City households who owned corporate stock to the general population both in 1791, when there were only two corporations in the state, and in 1826, when there were hundreds. The results indicate that although corporate stock was held principally by the city's elite merchants in both periods, share ownership became more widespread over time among less affluent house…
Shareholder voting rights in early American corporations
In early American corporations, the power of large shareholders was frequently limited by voting rules that partially disenfranchised them. In particular, stock held in an individual's name was granted a number of votes per share that decreased with the number of shares held. Using data from the corporations created in New York up to 1825, this paper analyses the use of these ‘graduated’ voting rights. Consistent with the view that they were inte…
Economic Effects of Runs on Early “Shadow Banks”: Trust Companies and the Impact of the Panic of 1907
We study the effects of a contraction in financial intermediation on nonfinancial firms. The Panic of 1907 originated in the shadow banks of the time, New York’s trust companies. The runs were caused by a shock unrelated to the trust companies’ nonfinancial corporate clients. In the years following the panic, corporations affiliated with the worst-affected trusts made fewer capital investments, paid lower dividends, and suffered lower profitabili…
Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I
Eric Hilt, Wendy M. Rahn, Turning Citizens into Investors: Promoting Savings with Liberty Bonds During World War I, RSF: The Russell Sage Foundation Journal of the Social Sciences, Vol. 2, No. 6, Wealth Inequality: Economic and Social Dimensions (October 2016), pp. 86-108
"Economic History, Historical Analysis, and the "New History of Capitalism
This article presents a critical survey of ten books from the history of capitalism, a newly emerging subfield of history. At their best, the books offer provocative insights and vivid descriptions of some of the darker episodes of our economic past. Yet specious arguments and failures of analytical reasoning sometimes undermine these books' effectiveness as social criticism. I highlight insights from the field of economic history that would stre…
Financial Asset Ownership and Political Partisanship: Liberty Bonds and Republican Electoral Success in the 1920s
We analyze the effects of ownership of liberty bonds on election outcomes in the 1920s. We find that counties with higher liberty bond ownership rates turned against the Democratic Party in the presidential elections of 1920 and 1924. This was a reaction to the depreciation of the bonds prior to the 1920 election (when the Democrats held the presidency) and the appreciation of the bonds in the early 1920s (under a Republican president), as the Fe…
The Value of Ratings: Evidence from their Introduction in Securities Markets
War bonds and household saving in WWII
Inflation, War Bonds, and Voter Backlash in the 1950s
We study the role of war bonds and inflation in post-WWII federal elections. After WWII, major bouts of inflation in 1946-48 and 1950-51 depressed the real returns of the bonds sold to households during the war. In a difference-in-differences framework, we find that counties with higher war bond purchases shifted their votes towards the Republican Party in postwar elections. To address the endogeneity of war bond purchases, we use an instrumental…
Economics (11 works) · Political science (9 works) · Finance (8 works) · Law (8 works) · Business (7 works) · Finance (7 works) · Historical Economic and Social Studies (7 works) · Law (6 works) · Market economy (5 works) · Politics (5 works)