World War II prime defence contractors: Were they favoured?

Between 1940 and 1944 the US government placed $175.066 billion of prime defence contracts with US corporations. Two-thirds of these awards went to only 100 companies and 20% to only five companies leading to charges that the prime contractors were favoured. This article examines the common stock re...

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Veröffentlicht in:	Business history 2011-12, Vol.53 (7), p.1044-1073
1. Verfasser:	Kaen, Fred R.
Format:	Artikel
Sprache:	eng
Schlagworte:	Analysis Business Business community Common stock Company securities Comparative analysis Contract agreement Contractors Contracts Corporations Defence administration defence contractor stock returns defence contractors Defence contracts Defense contracts Defense industry Economic history Government and politics Government contract Government contractors History Industry Koreans Markets military contracts Political economy Price earnings ratio Privatization Rates of return Securities Stock returns Stocks Studies U.S.A United States United States (World War II) Valuation War War Production Board World War II World War Two World war, 1939-45
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Beschreibung
Zusammenfassung:	Between 1940 and 1944 the US government placed $175.066 billion of prime defence contracts with US corporations. Two-thirds of these awards went to only 100 companies and 20% to only five companies leading to charges that the prime contractors were favoured. This article examines the common stock returns of World War II prime contractors relative to broad market indices and to the returns on the non-prime contractors in the same industry. The analysis begins in 1938 with the Anschluss and ends with the 1950 outbreak of the Korean War. Little evidence is found to support the charges.
ISSN:	0007-6791 1743-7938
DOI:	10.1080/00076791.2011.582576