2. Has Law Mattered?
Establishing whether the law has or has not been the principal variable in the development…
By comparing 49 countries from civil and common law backgrounds, it has been claimed…
This idea of law being the principal variable for the development of stock exchanges…
However, regardless of how influential this idea has become, the facts suggest that…
To be more precise, the main factor that led market development was the “intelligent…
It is useful to briefly mention the history of the emergence of stock exchanges in…
The US was the first country where the separation of ownership and control occurred.…
In the UK, though later than its counterpart the US, the Berle-Means corporations…
One of the reasons for the slower development of the UKs public equity market might…
Regardless of when they developed or how different their self-regulatory systems…
As such, the history of economic development in these two countries illustrate that…
The main factor that prevented the development of stock exchanges was the constant…
These examples illustrate that it was not the law or strong or weak shareholder protection,…
To sum up, despite the popularity of law-matters ideas, history shows us that law…
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