Add to ORKGThe superiority of the corporation over other organisational forms is typically attributed to the fact that every owner has limited liability. The widely-held, but empirically unsubstantiated, view is that the main advantage of limited liability over extended shareholder liability is that the enforcement costs of the latter generally impedes the tradability and liquidity of stock. We use the rich shareholder-liability experience of nineteenth-century British banking to test this standard view. As well as exploring the means by which unlimited liability was enforced, we examine the impact of liability regimes on the tradability and liquidity of stock. Surprisingly, our evidence suggests that liability rules appear to be irrelevant from a sto...
For three quarters of a century-between, roughly, the Civil War and the Great Depression-shareholder...
One of the most important and firmly entrenched concepts of modern corporate law is the concept of l...
In 1878, one of Britain's largest banks, the City of Glasgow Bank, collapsed, leaving a huge deficit...
The superiority of the corporation over other organizational forms is typically attributed to the fa...
The widely-held, but empirically unsubstantiated, view is that the main advantage of limited liabili...
In this paper I have analysed the development of company law from 1720 through to 1857. During this ...
This article examines the aftermath of the 1897 Riksbank Act in Swedish banking. The act placed bank...
The recent financial turmoil highlights the incentive of highly leveraged financial institutions to ...
The 1855/6 adoption of limited liability as a standard feature of companies incorporated under Engli...
The corporation is a modern fixture of contemporary capitalism. It can be hailed, on the one hand, a...
Limited liability is a human invention which has facilitated enormous economic growth around the wor...
It is widely agreed that the coming of limited liability in the Joint-Stock Companies Act of 1855 ma...
While the desire for limited liability has played its part in increasing the use of the corporate de...
Limited liability is a fundamental principle of corporate law. Yet liability has never been absolute...
We study whether banks are riskier if managers have less liability. We focus on New England between ...
For three quarters of a century-between, roughly, the Civil War and the Great Depression-shareholder...
One of the most important and firmly entrenched concepts of modern corporate law is the concept of l...
In 1878, one of Britain's largest banks, the City of Glasgow Bank, collapsed, leaving a huge deficit...
The superiority of the corporation over other organizational forms is typically attributed to the fa...
The widely-held, but empirically unsubstantiated, view is that the main advantage of limited liabili...
In this paper I have analysed the development of company law from 1720 through to 1857. During this ...
This article examines the aftermath of the 1897 Riksbank Act in Swedish banking. The act placed bank...
The recent financial turmoil highlights the incentive of highly leveraged financial institutions to ...
The 1855/6 adoption of limited liability as a standard feature of companies incorporated under Engli...
The corporation is a modern fixture of contemporary capitalism. It can be hailed, on the one hand, a...
Limited liability is a human invention which has facilitated enormous economic growth around the wor...
It is widely agreed that the coming of limited liability in the Joint-Stock Companies Act of 1855 ma...
While the desire for limited liability has played its part in increasing the use of the corporate de...
Limited liability is a fundamental principle of corporate law. Yet liability has never been absolute...
We study whether banks are riskier if managers have less liability. We focus on New England between ...
For three quarters of a century-between, roughly, the Civil War and the Great Depression-shareholder...
One of the most important and firmly entrenched concepts of modern corporate law is the concept of l...
In 1878, one of Britain's largest banks, the City of Glasgow Bank, collapsed, leaving a huge deficit...