Law and finance in Britain c.1900. (22nd December 2019)

• Record Type: Journal Article
• Authors: Coyle, Christopher; Musacchio, Aldo; Turner, John D.
• Is Part Of: Financial history review. Volume 26:Number 3(2019)
• Page Start: 267
• Page End: 293
• Publication Date: 2019-12-22
• Subjects: law and finance, -- United Kingdom, -- investor rights, -- stock market capitalisation, -- capital markets, -- creditor rights, -- shareholder rights, -- bond market; G3, -- G33, -- K22, -- N20; Finance -- History -- Periodicals; Banks and banking -- History -- Periodicals; Banks and banking -- Europe -- History -- Periodicals; 330.09
• DOI: 10.1017/S0968565019000179
• Languages: English
• ISSNs: 0968-5650

Abstract

Abstract : In this article, using new estimates of the size of the UK's capital market, we examine financial development and investor protection laws in Britain c .1900 to test the influential law and finance hypothesis. Our evidence suggests that there was not a close correlation between financial development and investor protection laws c .1900 and that the size of the UK's share market is a puzzle given the paucity of statutory investor protection. To illustrate that Britain was not unique in its approach to investor protection in this era, we examine investor protection laws across legal families c .1900.