Limited Liability in California 1928–31: It’s the Lawyers

Mark I. Weinstein

American Law and Economics Review, 2005, vol. 7, issue 2, 439-483

Abstract: 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.

Date: 2005
References: Add references at CitEc
Citations:

Downloads: (external link)
http://hdl.handle.net/10.1093/aler/ahi013 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:oup:amlawe:v:7:y:2005:i:2:p:439-483

Ordering information: This journal article can be ordered from
https://academic.oup.com/journals

Access Statistics for this article

American Law and Economics Review is currently edited by J.J. Prescott and Albert Choi

More articles in American Law and Economics Review from American Law and Economics Association Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK.
Bibliographic data for series maintained by Oxford University Press ().