Law and Finance in Britain c.1900

37 Pages Posted: 17 Sep 2019

See all articles by Christopher Coyle

Christopher Coyle

Queen's University Belfast - Queen's Management School

Aldo Musacchio

Brandeis University- International Business School; National Bureau of Economic Research

John D. Turner

Queen's University Belfast; Queen's University Belfast - Queen's Management School

Date Written: September 16, 2019

Abstract

In this paper, 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.

Keywords: Common Law, Finance, Investor Protection, Law, UK

JEL Classification: G3, G33, K22, N20

Suggested Citation

Coyle, Christopher and Musacchio, Aldo and Turner, John D., Law and Finance in Britain c.1900 (September 16, 2019). QMS Research Paper 2019/11. Available at SSRN: https://ssrn.com/abstract=3454588 or http://dx.doi.org/10.2139/ssrn.3454588

Christopher Coyle (Contact Author)

Queen's University Belfast - Queen's Management School ( email )

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

Aldo Musacchio

Brandeis University- International Business School ( email )

415 South Street MC 32
Waltham, MA 02454-9110
United States

National Bureau of Economic Research ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

HOME PAGE: http://www.nber.org/people/aldo_musacchio

John D. Turner

Queen's University Belfast ( email )

David Leir Building
Belfast BT7 1NN, BT9 5AG
Ireland

Queen's University Belfast - Queen's Management School

Riddel Hall
185 Stranmillis Road
Belfast, BT9 5EE
United Kingdom

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