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Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law?

Author

Listed:
  • John Armour

Abstract

Examines the economic case for rules of company law which regulate the raising and maintenance of share capital by companies. Argues that the current rules are unlikely to enhance the efficiency of the markets which they regulate, and makes a tentative conclusion.

Suggested Citation

  • John Armour, 1999. "Share Capital and Creditor Protection: Efficient Rules for a Modern Company Law?," Working Papers wp148, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp148
    Note: PRO-2
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    File URL: https://www.jbs.cam.ac.uk/cbrwp148/
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    More about this item

    Keywords

    corporate law; default rules; creditor protection; share capital;
    All these keywords.

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law

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