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Three Projects in the New Law and Finance

Author

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  • Awrey Dan

    (Cornell University, Cornell Law School, Myron Taylor Hall, Ithaca, 14850, New York, US)

Abstract

This article is a review of Katharina Pistor’s book The Code of Capital: How the Law Creates Wealth and Inequality. Using modern derivatives markets as a case study, it explores the important contributions – and limits – of Professor Pistor’s story about the role of the law and lawyers as the master coders of capitalism. This exploration reveals three distinct projects: a historical coding project, an intellectual decoding project, and a policy-driven recoding project. The fact that these projects are so intricately intertwined posed unique challenges for scholars, but also holds out a potential blueprint for a new law and finance.

Suggested Citation

  • Awrey Dan, 2021. "Three Projects in the New Law and Finance," Accounting, Economics, and Law: A Convivium, De Gruyter, vol. 11(1), pages 9-25, March.
    • Handle: RePEc:bpj:aelcon:v:11:y:2021:i:1:p:9-25:n:1
    DOI: 10.1515/ael-2020-0069
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    References listed on IDEAS

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    1. Erin Denison & Michael J. Fleming & Asani Sarkar, 2019. "Creditor Recovery in Lehman’s Bankruptcy," Liberty Street Economics 20190114a, Federal Reserve Bank of New York.
    2. Milhaupt, Curtis J. & Pistor, Katharina, 2008. "Law & Capitalism," University of Chicago Press Economics Books, University of Chicago Press, number 9780226525273, October.
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    4. La Porta, Rafael & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1997. "Legal Determinants of External Finance," Journal of Finance, American Finance Association, vol. 52(3), pages 1131-1150, July.
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    6. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    7. Coffee, John C., Jr., 2007. "Law and the Market: The Impact of Enforcement," Working Papers 07-3, University of Pennsylvania, Wharton School, Weiss Center.
    8. Rafael La Porta & Florencio Lopez‐De‐Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, February.
    9. Krahnen, Jan Pieter & Pelizzon, Loriana, 2016. ""Predatory" margins and the regulation and supervision of central counterparty clearing houses (CCPs)," SAFE White Paper Series 41, Leibniz Institute for Financial Research SAFE.
    10. Stefano Pagliari & Kevin L. Young, 2014. "Leveraged interests: Financial industry power and the role of private sector coalitions," Review of International Political Economy, Taylor & Francis Journals, vol. 21(3), pages 575-610, June.
    11. Pistor, Katharina, 2013. "A legal theory of finance," Journal of Comparative Economics, Elsevier, vol. 41(2), pages 315-330.
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    More about this item

    Keywords

    law and finance; legal theory of finance; derivatives;
    All these keywords.

    JEL classification:

    • K - Law and Economics
    • K0 - Law and Economics - - General
    • K2 - Law and Economics - - Regulation and Business Law
    • G - Financial Economics
    • G2 - Financial Economics - - Financial Institutions and Services
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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