The capitalist economies of the developed world fall loosely into
two highly divergent camps: one in which securities markets are
robust and the ownership of large firms is broadly dispersed; the
other in which securities markets are weak and ownership is highly
concentrated. There is now a lively debate about the role of law in
producing these diverse patterns. This volume brings together the
foundational contributions to that debate, edited and introduced by
one of the key participants. They are a must read for anyone who
wishes to understand the relationship between law and the economic
structure of modern societies.' - Henry Hansmann, Yale Law School,
US 'Mark Roe, one of the world's leading corporate law scholars,
here presents a collection of first rate work (including his own)
that addresses the deepest puzzle in comparative corporate
governance: why is it that stock ownership patterns differ so
significantly across countries, even where the stage of economic
development is comparable? This volume will be of genuine value to
scholars and students interested in comparative political economy
as well as corporate law.' - Jeffrey N. Gordon, Columbia Law
School, US This insightful volume explores the issue of why some
nations have deep securities markets while others do not, and
investigates the new hope that securities markets could be the road
to wealth and not just the result of it. This collection of key
articles, together with the editor's comprehensive introduction,
examines the recently emergent theories in the field.
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