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- catalog abstract "Limited liability law is an intriguing institution which has elicited extreme reactions from both proponents anddetractors over a long period of time. Throughout much of the twentieth century, a consensus existed within theacademic community that limited liability was a vital and extremely valuable legal institution. Over the past twodecades, however, that view has come under sharp attack within the law and economics literature, with somescholars even proposing the abandonment of the limited liability rule in certain cases. The purpose of this paper is to evaluate existing theories of limited liability, and to offer a few new ones, againstthe backdrop of the historical record in the United States. Many state governments began extending limitedliability to manufacturing corporations on a regular basis beginning in the first half of the nineteenth century.Although the historical record of these developments remains rather sketchy, it still offers some important cluesabout the original economic logic and significance of limited liability law. Three basic conclusions emerge fromthis paper. First, in a world of incomplete markets and positive transaction costs, limited liability law helps tocreate a default asset with an attractive payout-loss structure. Savvy investors could create comparablepayout-loss structures by combining other assets even under an unlimited liabil".
- catalog contributor b10717364.
- catalog contributor b10717365.
- catalog created "c1998.".
- catalog date "1998".
- catalog date "c1998.".
- catalog dateCopyrighted "c1998.".
- catalog description "Includes bibliographical references.".
- catalog description "Limited liability law is an intriguing institution which has elicited extreme reactions from both proponents anddetractors over a long period of time. Throughout much of the twentieth century, a consensus existed within theacademic community that limited liability was a vital and extremely valuable legal institution. Over the past twodecades, however, that view has come under sharp attack within the law and economics literature, with somescholars even proposing the abandonment of the limited liability rule in certain cases. The purpose of this paper is to evaluate existing theories of limited liability, and to offer a few new ones, againstthe backdrop of the historical record in the United States. Many state governments began extending limitedliability to manufacturing corporations on a regular basis beginning in the first half of the nineteenth century.Although the historical record of these developments remains rather sketchy, it still offers some important cluesabout the original economic logic and significance of limited liability law. Three basic conclusions emerge fromthis paper. First, in a world of incomplete markets and positive transaction costs, limited liability law helps tocreate a default asset with an attractive payout-loss structure. Savvy investors could create comparablepayout-loss structures by combining other assets even under an unlimited liabil".
- catalog extent "71 p. ;".
- catalog isPartOf "Working paper (Harvard University. Graduate School of Business Administration. Division of Research) ; 98-079.".
- catalog isPartOf "Working paper / Division of Research, Harvard Business School ; 98-079".
- catalog issued "1998".
- catalog issued "c1998.".
- catalog language "eng".
- catalog publisher "[Boston] : Division of Research, Harvard Business School,".
- catalog title "Limited liability and the birth of American industry : theory meets history / David A. Moss.".
- catalog type "text".