Law and Stock Market Development in the UK Over Time: An Uneasy Match
Oxford Journal of Legal Studies, Forthcoming
European Corporate Governance Institute - Law Working Paper No. 722/2023
54 Pages Posted: 5 Jul 2023 Last revised: 26 Jul 2023
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: Suggested Citation