Banque de France’s Shareholders (1800–1945): Passive Petit-Rentiers

Arnaud Manas

A chapter in Research in Economic History, 2019, vol. 35, pp 133-163 from Emerald Group Publishing Limited

Abstract: Before it was fully nationalized in 1945, theBanque de Francewas a listed company that distributed dividends to its shareholders and was listed on the Paris stock exchange. By comparing with other stocks and indexes, I show that, in spite of large earnings,Banque de France’s stock was a lackluster but popular investment. By examining the distribution of profits between the state and ordinary shareholders, I show that the state began to exert an influence over the Bank well before its nationalization, in the nineteenth century, amounting to a stealthy takeover. I then go on to analyze the Bank’s formal governance framework and the power of its regents (directors). Using a novel method to compute the shareholders’ statistical distribution, I conclude that small new shareholders who were less sophisticated bought predominantly shares from old larger shareholders. Eventually, most of the shareholders were “petit-bourgeois” passive rentiers who accepted the mediocre performance and kept reelecting the regents. I conclude by saying that the power of the 200 largest shareholders (“200 families”) was a political myth with little foundation in reality.

Keywords: Banque de France; governance; shareholder’s statistical distribution; share performance; dividends; nationalization; power of directors; Gini index; E58; G21; N23; N83 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rehizz:s0363-326820190000035007

DOI: 10.1108/S0363-326820190000035007

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