Law and Stock Market Development in the UK Over Time: An Uneasy Match

54 Pages Posted: 5 Jul 2023 Last revised: 26 Jul 2023

See all articles by Brian R. Cheffins

Brian R. Cheffins

University of Cambridge - Faculty of Law; European Corporate Governance Institute (ECGI)

Bobby V. Reddy

Faculty of Law, University of Cambridge

Date Written: July 1, 2023

Abstract

Britain has a reputation for having a stock market-oriented corporate economy and there is an extensive literature maintaining that laws affording substantial protection to outside investors are needed for a thriving stock market. Historically, however, UK equity markets have not always flourished and, when they have, law’s contribution has been open to question. This paper considers the uneasy match between law and Britain’s stock market development from when shares first began to trade publicly through to the present day, offering in so doing insights on the relationship between law and equity markets and current reforms intended to revive a flagging UK stock exchange.

Keywords: stock markets, stock exchange regulation, corporate law, nationalization; privatization

JEL Classification: G18, G38, K22, N23, N24

Suggested Citation

Cheffins, Brian R. and Reddy, Bobby, Law and Stock Market Development in the UK Over Time: An Uneasy Match (July 1, 2023). Oxford Journal of Legal Studies, Forthcoming , European Corporate Governance Institute - Law Working Paper No. 722/2023, Available at SSRN: https://ssrn.com/abstract=4497278 or http://dx.doi.org/10.2139/ssrn.4497278

Brian R. Cheffins (Contact Author)

University of Cambridge - Faculty of Law ( email )

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European Corporate Governance Institute (ECGI) ( email )

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Belgium

Bobby Reddy

Faculty of Law, University of Cambridge ( email )

10 West Road
Cambridge, CB3 9DZ
United Kingdom

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