Activities per year
In the late nineteenth century Britain had almost no mandatory shareholder protections, but had very developed financial markets. We argue that private contracting between shareholders and corporations meant that the absence of statutory protections was immaterial. Using approximately 500 articles of association from before 1900, we code the protections offered to shareholders in these private contracts. We find that firms voluntarily offered shareholders many of the protections that were subsequently included in statutory corporate law. We also find that companies offering better protection to shareholders had less concentrated ownership.
|Number of pages||40|
|Journal||The Review of Financial Studies|
|Early online date||14 Feb 2019|
|Publication status||Published - 30 Nov 2019|
- financial policy
- financial risk
- risk management
- ownership structure
FingerprintDive into the research topics of 'Private contracting, law and finance'. Together they form a unique fingerprint.
- 1 Invited talk
Private Contracting, Law and Finance
Graeme Acheson (Speaker)1 Aug 2019
Activity: Talk or presentation types › Invited talk