Coyle, Musacchio, and Turner on Law and Finance in Britain c. 1900 @MusacchioAldo @ProfJohnTurner @QUCEHBelfast

Christopher Coyle, Queen's University Belfast, Queen's Management School, Aldo Musacchio, Brandeis University, International Business School, and John D. Turner, Queen's University Belfast, Queen's Management School, have published Law and Finance in Britain c.1900 as QMS Research Paper 2019/11.

In this paper, using new estimates of the size of the UK’s capital market, we examine financial development and investor protection laws in Britain c.1900 to test the influential law and finance hypothesis. Our evidence suggests that there was not a close correlation between financial development and investor protection laws c.1900 and that the size of the UK’s share market is a puzzle given the paucity of statutory investor protection. To illustrate that Britain was not unique in its approach to investor protection in this era, we examine investor protection laws across legal families c.1900.

Download the article from SSRN at the link.