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No—Par Stock: Its Economic and Legal Aspects

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  • James C. Bonbright

Abstract

Significance of par value, 441. — Difficulties arising from its use, 444. — Removal of par value as a solution of the difficulties, 446. — First objection to the use of shares without par: effect on stockholders' liability, 451. — Their liability under present no-par stock laws, 452. — Can effective liability be secured without par value? 460. — Second objection: that no-par shares may be issued at too low prices, 462. — Conclusions, 464.

Suggested Citation

  • James C. Bonbright, 1924. "No—Par Stock: Its Economic and Legal Aspects," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 38(3), pages 440-465.
    • Handle: RePEc:oup:qjecon:v:38:y:1924:i:3:p:440-465.
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