This paper reviews the case for and against mandatory legal capital rules. It is argued that
legal capital is no longer an appropriate means of safeguarding creditors' interests. This is …

Lucid, comprehensive, and definitive in its field, this text covers every aspect of economic
analysis of the law. Features: Two new chapters, one on intellectual property, one on …

Who are the agents of financial regulation? Is good (or bad) financial governance merely the
work of legislators and regulators? Here Annelise Riles argues that financial governance is …

This is the long-awaited third edition of this highly regarded comparative overview of
corporate law. This edition has been comprehensively revised and updated to reflect the …

In every developed market economy, the law provides for a set of standard-form legal
entities. In the United States, these entities include, among others, the business corporation …

Why do some firms, especially financial institutions, finance themselves so short‐term? We
show that extreme reliance on short‐term financing may be the outcome of a maturity rat …

Property and contract are bedrock institutions of the legal system, but it is often difficult to say
where the one starts and the other leaves off. In constitutional law, property rights have been …

Many economists argue that the primary economic function of banks is to provide cheap
credit, and to facilitate this function, they advocate the strict protection of creditor rights. But …

The paper investigates the effect of legal change on the lending behavior of banks in twelve
transition economies. First, we find that banks increase the supply of credit subsequent to …

Think of the liability system as a poker game. Each person, corporation, or other entity in the
economy is a player. Players risk their chips, that is, their wealth, by tossing them into the …