Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/145112
Authors: 
Acheson, Graeme G.
Campbell, Gareth
Turner, John D.
Year of Publication: 
2016
Series/Report no.: 
eabh Papers 16-03
Abstract: 
This paper examines the origins of investor protection under the common law by analysing the development of shareholder protection in Victorian Britain, the home of the common law. In this era, very little was codified, with corporate law simply suggesting a default template of rules. Ultimately, the matter of protection was one for the corporation and its shareholders. Using c.500 articles of association and ownership records of publicly-traded Victorian corporations, we find that corporations afforded investors with just as much protection as is present in modern corporate law and that firms with better shareholder protection had more diffuse ownership.
Subjects: 
Law and finance
ADRI
shareholder protection
corporate ownership
common law
JEL: 
G32
G34
G38
K22
N23
N43
N83
Document Type: 
Working Paper

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