The Evolution of Corporate Law: A Cross-Country Comparison

Pistor, Katharina; Keinan, Yoram; Kleinheisterkamp, Jan; West, Mark D.

doi:10.2139/ssrn.419881

Cited by 62 publications

(32 citation statements)

References 19 publications

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“…Third, and as a consequence of the previous point, there is a stronger reliance on bright-line laws to limit the role of the courts. Once a country adopts the bright-line approach to lawmaking, this can lead into a trap, as courts will not be challenged to develop legal procedures and methods to deal with new circumstances, thus retarding the development of efficiently adaptive legal systems (Pistor et al, 2002(Pistor et al, , 2003. By the same token, Common Law systems can be persistent, given the high social reputation of judges attracting talent to this profession and the role of jurisprudence allowing for a vibrant legal debate fostering legal innovation.…”

Section: The Historical Determinants Of Financial Developmentmentioning

confidence: 99%

Finance, growth and fragility: the role of government

Beck

2013

IJBAAF

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This is the accepted version of the paper.This version of the publication may differ from the final published version. distinguish between the policy view that relates financial sector development to an array of necessary policies and institutions, the historic view that relates financial sector development to historic and cultural factors, and the politics view that explains financial sector development as the result of political conflicts and decisions. These three views of financial sector deepening imply a different role for government. I discuss examples from the developed and developing world and repercussions for current reform discussions. Permanent

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Section: The Historical Determinants Of Financial Developmentmentioning

confidence: 99%

Finance, growth and fragility: the role of government

Beck

2013

IJBAAF

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“…Thirdly, and relatedly, the presence of complementarities across institutions in a given national context limits the scope for the successful transplantation of particular institutions into other contexts, no matter how well they may have worked in their systems of origin (Pistor et al, 2003). We may call this the transplant hypothesis.…”

Section: Political Systemmentioning

confidence: 99%

An End to Consensus? The Selective Impact of Corporate Law Reform on Financial Development

2011

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Legal origins theory suggests that law reform, strengthening shareholder and creditor rights, should enhance financial development. We use recently created datasets measuring legal change over time in a sample of 25 developing, developed and transition countries to test this claim. We find that increases in shareholder protection contribute to stock market growth in the common law world and in developing countries, but not in the civil law world. We also find evidence of reverse causation, with financial development triggering legal changes in the developing world. We consider a number of reasons for the selective impact of law reform, focusing on the endogeneity of the legal system to its economic context, and on resulting complementarities between legal and financial institutions.JEL Codes: G33, G34, K22, O16.

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“…Where this has been done, evidence has been found of a distinctive type of legal evolution in 'transplant systems'. Pistor et al (2003), studying the development of corporate law in a number of developed and developing economies, found that legal rules in systems of origin had changed to a substantially greater extent than those in transplant systems. The latter displayed two types of response: in some cases erratic changes, often involving the reversal of previous policies; and in other cases, very little change over long periods of time.…”

Section: B the Diffusion Of Legal Norms In 'Transplant' Systemsmentioning

confidence: 99%

Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company

Deakin

2008

SSRN Journal

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Abstract:The timing and nature of industrialization in Britain and continental Europe had significant consequences for the growth and development of labour market institutions, effects which are still felt today and which are visible in the conceptual structure of labour law and company law in different countries. However, contrary to the claims of the legal origin hypothesis, a liberal model of contract was more influential in the civilian systems of the continent than in the English common law, where the consequences of early industrialization included the lingering influence of master-servant legislation and the weak institutionalization of the juridical form of the contract of employment. Claims for a strong-form legal origin effect, which is time invariant and resistant to pressures for legal convergence, are not borne out by a growing body of historical evidence and time-series data. The idea that legal cultures can influence the long-run path of economic development is worthy of closer empirical investigation but it is premature to use legal origin theory as a basis for policy initiatives.

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The Evolution of Corporate Law: A Cross-Country Comparison

Abstract: An earlier draft of this Article was written as a background report for the Worldbank, WORLD DEVELOPMENT REPORT 2002: BUILDING INSTrrUTIONS FOR MARKErs (2001). Financial support from the World Bank is gratefully acknowledged.

Cited by 62 publications

References 19 publications

Finance, growth and fragility: the role of government

Finance, growth and fragility: the role of government

An End to Consensus? The Selective Impact of Corporate Law Reform on Financial Development

Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company

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