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Appears in Collections:Accounting and Finance Journal Articles
Peer Review Status: Refereed
Title: Private Contracting, Law and Finance
Author(s): Acheson, Graeme G
Campbell, Gareth
Turner, John D
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Keywords: Law and finance
shareholder protection
corporate ownership
common law
Issue Date: Nov-2019
Date Deposited: 7-Nov-2018
Citation: Acheson GG, Campbell G & Turner JD (2019) Private Contracting, Law and Finance. Review of Financial Studies, 32 (11), pp. 4156-4195.
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.
DOI Link: 10.1093/rfs/hhz020
Rights: This item has been embargoed for a period. During the embargo please use the Request a Copy feature at the foot of the Repository record to request a copy directly from the author. You can only request a copy if you wish to use this work for your own research or private study. This is a pre-copyedited, author-produced PDF of an article accepted for publication in Review of Financial Studies following peer review. The version of record Graeme G Acheson, Gareth Campbell, John D Turner, Private Contracting, Law and Finance, The Review of Financial Studies, Volume 32, Issue 11, November 2019, Pages 4156–4195, is available online at:

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