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We examine the formation and growth of the distressed asset investment industry during the late twentieth century, with specific focus on the strategies of the leading firms. The distressed asset investment industry is dominated by firms based in the United States and is relatively concentrated, due in large part to early movers developing distinctive investment capabilities through participation in landmark transactions, relationship-specific resources, and exploitation of scale effects. We argue that the participation of these firms in the bankruptcy and corporate restructuring markets has resulted in private-sector workouts becoming more competitive and more efficient over the last thirty years, especially in the United States.
The development of postal services has played an indisputable role in industrialization, market integration and state formation. Smooth functioning of these services depended on the existence of a well-paid and motivated body of civil servants. I study the organization of the internal labour market for civil servants in postal services in Spain from 1890 to 1935 showing a career in the postal services offered high entry wages, growing wages over the life cycle, and a secure job until retirement. There were two downsides to pursuing a career in the postal services. Firstly, entry and promotion depended on the expansion of employment. Secondly, nominal wages were upward rigid, causing large real wage losses during WWI.