Working Paper

01 October 2014

Incomplete Organizations: Legal Entities and Asset Partitioning in Roman Commerce

In this chapter we analyze ancient Rome?s law of business entities from the perspective of asset partitioning, by which we mean the delimiting of creditor collection rights based on the distinction between business assets and personal...

Henry Hansmann | Reinier Kraakman | Richard Squire
01 January 2015

Law, Politics and the Rise and Fall of German Stock Market Development, 1870-1938

Law and politics had a significant impact on stock market development in Germany between 1870 and the beginning of World War II. IPOs can be a bellwether for stock market development and nearly 1100 were carried out on the Berlin Stock...

Carsten Burhop | David Chambers | Brian Cheffins
01 April 2015

The Great Pyramids of America: A Revised History of US Business Groups, Corporate Ownership and Regulation, 1930-1950

Most listed firms are freestanding in the U.S, while listed firms in other countries often belong to business groups: lasting structures in which listed firms control other listed firms. Hand-collected historical data illuminate how...

Eugene Kandel | Konstantin Kosenko | Randall Morck | Yishay Yafeh