Limited Liability in California 1928–31: It’s the Lawyers
Only in 1931 was the California Corporate Code revised to provide for limited liability. In earlier work I found that this move had no detectable effect on shareholder wealth. In this article I examine the potential beneficiaries of this change with an eye toward finding out who wanted this change. Using this historical example we can shed light on a number of issues including: (1) the economic impact of limited liability; (2) the role of lawyers, especially lawyers of high prestige, in determining the law; and (3) the competition or lack thereof among states in designing their corporate codes. Copyright 2005, Oxford University Press.
Volume (Year): 7 (2005)
Issue (Month): 2 ()
|Contact details of provider:|| Postal: |
Fax: 01865 267 985
Web page: http://www.aler.oupjournals.org/
|Order Information:||Web: http://www.oup.co.uk/journals|
When requesting a correction, please mention this item's handle: RePEc:oup:amlawe:v:7:y:2005:i:2:p:439-483. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Oxford University Press)or (Christopher F. Baum)
If references are entirely missing, you can add them using this form.