Please use this identifier to cite or link to this item: http://hdl.handle.net/1893/28175
Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Private Contracting, Law and Finance (Forthcoming)
Author(s): Acheson, Graeme G
Campbell, Gareth
Turner, John D
Contact Email: graeme.acheson@stir.ac.uk
Keywords: Law and finance
ADRI
shareholder protection
corporate ownership
common law
Issue Date: 31-Dec-2019
Citation: Acheson GG, Campbell G & Turner JD (2019) Private Contracting, Law and Finance (Forthcoming). Review of Financial Studies.
Abstract: 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 circa 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 which were subsequently included in statutory corporate law. We also find that companies offering better protection to shareholders had less concentrated ownership.
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