Abstract

http://ssrn.com/abstract=419881
 
 

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The Evolution of Corporate Law: A Cross-Country Comparison


Katharina Pistor


Columbia University School of Law

Yoram Keinan


Ernst & Young

Jan Kleinheisterkamp


London School of Economics - Law Department

Mark D. West


University of Michigan Law School

2003

University of Pennsylvania, Journal of International Economic Law, Vol. 23, No. 4, pp. 791-871

Abstract:     
Corporate law as it exists in any given country today is the result of roughly 200 years of legal change and legal adaptation. Provisions that today are hailed as indicators for good corporate governance did not exist when the first statutory corporate laws were put in place. This simple insight raises the question about the evolution of corporate law. In this paper we analyze ten jurisdictions representing the three major legal families as well as transplant countries and origin countries to explore the patterns of legal change over time. We find origin countries from common law and civil law families have experienced substantial legal change and adaptation over time. By contrast, legal transplants from both legal families have often retained the transplanted law for decades despite substantial economic change. The area of corporate law where we find the most significant change over time are corporate finance provisions. Provisions concerning corporate governance structures and entry and exit rules are also investigated.

Number of Pages in PDF File: 60

JEL Classification: G3, K2, N2, P5

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Date posted: July 17, 2003  

Suggested Citation

Pistor, Katharina and Keinan, Yoram and Kleinheisterkamp, Jan and West, Mark D., The Evolution of Corporate Law: A Cross-Country Comparison (2003). University of Pennsylvania, Journal of International Economic Law, Vol. 23, No. 4, pp. 791-871. Available at SSRN: http://ssrn.com/abstract=419881 or http://dx.doi.org/10.2139/ssrn.419881

Contact Information

Katharina Pistor (Contact Author)
Columbia University School of Law ( email )
435 West 116th Street
New York, NY 10025
United States
212-854-0068 (Phone)
212-854-7946 (Fax)
Yoram Keinan
Ernst & Young ( email )
1225 Connecticut Ave NW # 700
Washington, DC 20036
United States
Jan Kleinheisterkamp
London School of Economics - Law Department ( email )
Houghton Street
London WC2A 2AE, WC2A 2AE
United Kingdom
+44 20 7955 7256 (Phone)
HOME PAGE: http://www.lse.ac.uk/collections/law/staff/jan-kleinheisterkamp.htm

Mark D. West
University of Michigan Law School ( email )
625 South State Street
Professor of Law
Ann Arbor, MI 48109-1215
United States
734-647-4041 (Phone)
734-764-8309 (Fax)
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