Accepted Article The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1926-1950 Eugene Kandel, Konstantin Kosenko, Randall Morck and Yishay Yafeh November 2018 Running Head: Great Pyramids of America JEL Codes: G3, G34, G38, N22 Key Words: Pyramidal Business Groups; Corporate Control; US Business History Information about the Authors: Professor Eugene Kandel, Dept. of Economics and School of Business Administration, The Hebrew University of Jerusalem, Jerusalem 9190501, Israel; Research Fellow, CEPR; Research Associate, ECGI. Email: mskandel@huji.ac.il; Tel: +972-2-588-3137; Fax: +972-2-588-1341 Dr. Konstantin Kosenko, The Bank of Israel Research Department, P.O. Box 780, Jerusalem 9100701, Israel. Email: konstantin.kosenko@boi.org.il; Tel: +972-2-655-2628 Fax: +972-2-666-9628 Professor Randall Morck: The University of Alberta School of Business, Edmonton, Alberta, Canada T6G 2R6; Research Associate, NBER, Research Associate, ECGI; Research Fellow, Asian Bureau of Finance & Economics Research. Email: rmorck@ualberta.ca; Tel: +1-780-492-5683; Fax: +1-780-492-3325 Professor Yishay Yafeh (Corresponding author), School of Business Administration, The Hebrew University of Jerusalem, Jerusalem 9190501, Israel; Research Fellow, CEPR; Research Associate, ECGI. Email: yishay.yafeh@huji.ac.il; Tel: +972-2-588-3137; Fax: +972-2-588-1341 This article is protected by copyright. All rights reserved. This article has been accepted for publication and undergone full peer review but has not been through the copyediting, typesetting, pagination and proofreading process, which may lead to differences between this version and the Version of Record. Please cite this article as doi: 10.1002/smj.2992