Finance 686 – FINANCIAL HISTORY
Professor Randall Morck
Office location:
Phone:
Fax:
E-mail:
Website:
Business 4-20G
(780) 492-5683
(780) 492-3325
[email protected]
www.bus.ualberta.ca/rmorck
Course Materials
Textbooks
I recommend reading the textbooks in the sequence below. They each cover material in the lectures
(and other useful material too), but in different ways and with different emphasis.
• Irrational Exuberance 2nd edition, by Robert J. Shiller, Crowne Business Press, 2006.
• Manias Panics and Crashes, 6th edition. By Charles P. Kindleberger and Robert Alibur, with Forward
by Robert Solow, Wiley, 2011.
• Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global
Capitalism by George A. Akerlof and Robert J. Shiller, Princeton University Press, 2009.
• A History of Corporate Governance around the World, by R Morck, ed. University of Chicago Press,
2005.
Available electronically at http://papers.nber.org/books/morc05-1 free via U of A library access to
NBER database
Miscellaneous other references
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Articles referred to in the lectures and lecture notes are available on-line. Published articles are
available on-line via the library website’s ABI Inform database. NBER working papers are available
via the library’s NBER database.
To access these
1. Go to the library’s website: www.library.ualberta.ca/databases.
2. Enter either ABI Inform for published articles or NBER for unpublished working papers
3. Search for the item you want by author or title
4. Follow the links to find the full text
Grading
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A term paper on any topic in financial history will be due one month after the last class.
The paper will be graded according to the following formula
25% Originality of ideas and reasoning
25% Accurate incorporation of ideas from the lectures
25% Accurate incorporation of ideas from the textbooks
25% Conciseness, clarity, and organization of ideas
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LIST OF TOPICS
Note: Topics may change slightly to reflect current financial events with historical antecedents.
The list below each topic is non-required readings. You may find them useful starting points in
assembling background information for a term paper related to a topic.
Part I
Finance, History & the Wealth of Nations
Why Are Some Nations Rich & Others poor?
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King, Robert G & Ross Levine. 1993. Finance & Growth: Schumpeter Might Be Right. Quarterly
Journal of Economics. 108(3) 717-738.
Marx, Karl. 1867. Das Kapital. esp Vol. 3.
Link: www.marxists.org/archive/marx/works/1894-c3/index.htm
Schumpeter, Joseph. 1912. Theorie der wirtschaftlichen Entwicklung (transl. 1934 as The Theory of
Economic Development: An inquiry into profits, capital, credit, interest & the business cycle).
Smith, Adam. 1776. An Inquiry into the Nature & Causes of the Wealth of Nations. Edinburgh.
Link: www.adamsmith.org/smith/won-index.htm
Solow Residuals – Capital, Labor, & Productivity
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Mankiw, N. Gregory. 1998. Real Business Cycles: A New Keynesian Perspective. Journal of Economic
Perspectives 3(3)79-90.
Romer, Paul. 1986. Increasing Returns & Long-Run Growth. Journal of Political Economy 94(5)100237.
Romer, Paul. 1994. The Origins of Endogenous Growth. Journal of Economic Perspectives 8(1)3-22
Solow, Robert. 1956. A Contribution to the Theory of Economic Growth. Quarterly Journal of
Economics 70(1)65–94.
Solow, Robert. 1957. Technical Change & the Aggregate Production Function. Review of Economics
& Statistics 3(3)312–320
The Importance of Private Property
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De Soto, Hernando. 1990. The Other Path: The Economic Answer to Terrorism. Harper.
De Soto, Hernando. 2000. The Mystery of Capital: Why Capitalism Triumphs in the West & Fails
Everywhere Else. Basic Books.
Olson, Mancur. 1993. Dictatorship, Democracy, & Development. American Political Science Review
87(3) 567-76.
The Importance of Intellectual Property
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Posner, Richard. 2000. Intellectual Property: The Law & Economics Approach. Journal of Economic
Perspectives 19(2) 57.
Recording Industry 2006 “Piracy Report” Link: www.ifpi.org/content/library/piracy-report2006.pdf
Oberholzer-Gee, Felix & Koleman; Strumpf. 2007. The Effect of File Sharing on Record Sales: An
Empirical Analysis. Journal of Political Economy 115(1)1-42
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The Problem of Problematic Property Rights
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Buchanan, James & Yong J. Yoon. 2000. Symmetric Tragedies: Commons & Anti-commons. Journal of
Law & Economics 43 1-15.
Coase, Ronald. 1960. The Problem of Social Cost. Journal of Law & Economics 3 1-44.
Heller, Michael. 1998. The Tragedy of the Anti-commons: Property in the Transition from Marx to
Markets. Harvard Law Review 111(3) 621-688.
Heller, Michael. 2008. The Gridlock Economy: How Too Much Ownership Wrecks Markets, Stops
Innovation, & Costs Lives. Basic Books.
Capitalizing Innovation
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Barry, Christopher, Chris J. Muscarella, John W. Peavy III, & Michael Vetsuypens. 1990. The role of
venture capital in the creation of public companies: Evidence from the going public process, Journal
of Financial Economics 27 447-71.
Berkowitz, Jeremy, & Michelle J. White, 2004, Bankruptcy & small firms’ access to credit, Rand
Journal of Economics 35 69-84.
Black, Bernard & Ronald Gilson. 1998. Venture capital & the structure of capital markets: Banks
versus stock markets, Journal of Financial Economics 47 243-278.
Gompers, Paul & Josh Lerner. 1999. The Venture Capital Cycle. MIT Press.
Gompers, Paul & Josh Lerner. 2001. The Venture Capital Revolution. Journal of Economic
Perspectives 15(2) 145-168.
Gompers, Paul, Josh Lerner, & David Scharfstein, 2005, Entrepreneurial spawning: Public
Corporations & the genesis of new ventures, 1986-1999, Journal of Finance 60 577-614.
Gompers, Paul. 1995. Optimal investment, monitoring, & the staging of venture capital, Journal of
Finance 50 1461-1490.
Lerner, Josh, & Paul Gompers. 2001. The Money of Invention: How Venture Capital Creates New
Wealth. Harvard Business School Press.
Part II
Finance & Politics in History
Investing in Politics
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Buchanan, James. 1965. An Economic Theory of Clubs. Economica 32 1-14.
Djankov, Simeon, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer. 2002. The regulation
of entry. Quarterly Journal of Economics 117(1) 1.
Faccio, Mara, John J. McConnell & Ronald W. Masulis. 2006. Political connections & corporate
bailouts. Journal of Finance 61(6) 2597-2635.
Faccio, Mara. 2006. Politically connected firms. American Economic Review 96(1) 369-386.
Krueger, Anne. 1974. The Political Economy of the Rent-Seeking Society. American Economic Review
64 291-303.
Lenway, Stefanie, Morck, Randall & Yeung, Bernard. 1996. Rent seeking, protectionism & innovation
in the American steel industry. Economic Journal. March. 106(435) 410-22.
Olson, Mancur. 1965. The Logic of Collective Action. Harvard University Press.
Stigler, George. 1971. The Theory of Economic Regulation. Bell Journal of Economics & Management
Science 2 Spring 3-21.
Tiebout, Charles. 1956. A Pure Theory of Local Expenditures. Journal of Political Economy 64 416-24.
Tullock, Gordon. 1967. The Welfare Costs of tariffs, Monopolies, & Theft. Western Economic Journal
5 224-32.
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Corruption
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Baumol, William J. 1990. Entrepreneurship: Productive, Unproductive, & Destructive. Journal of
Political Economy 98 893-921.
Djankov, Simeon, Caralee McLiesh, Tatiana Nenova, Andrei Shleifer. 2003. Who owns the media?
Journal of Law & Economics 46(2) 341-82.
Easterly, William. 2006. The White Man's Burden: Why the West's Efforts to Aid the Rest Have Done
So Much Ill & So Little Good. Penguin.
Gentzkow, Matthew, Edward L. Glaeser, & Claudia Goldin. 2004. The Rise of the Fourth Estate: How
Newspapers Became Informative & Why It Mattered. NBER Working Paper No. 10791.
Glaezer, Edward & Andrei Shleifer. 2003. The Curley Effect. Harvard University working paper.
Murphy, Kevin, Andrei Shleifer & Robert W. Vishny. 1991. The Allocation of Talent: Implications for
Growth. Quarterly Journal of Economics. May 106(2) 503-31.
Murphy, Kevin, Andrei Shleifer, & Robert Vishny 1993. Why is Rent-seeking Costly to Growth?
American Economic Review, May, 82(2) 409-414.
Shleifer, Andrei & Robert W. Vishny. 1998. The Grabbing Hand: Government Pathologies & their
Cures. Harvard University Press.
Part III
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Financial History & Market Efficiency
Irrational Exuberance 2nd edition, by Robert J. Shiller, Crowne Business Press, 2006.
Manias Panics and Crashes, 6th edition. By Charles P. Kindleberger and Robert Alibur, with Forward
by Robert Solow, Wiley, 2011.
The Madness of Crowds
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Balen, Malcolm. 2003. The Secret History of the South Sea Bubble: The World's First Great Financial
Scandal. Fourth Estate.
Chopra, Navin, Lee, Charles, Shleifer, Andrei, Thaler, Richard. 1993. Yes, discounts on closed-end
funds are a sentiment index. Journal of Finance 48(2) 801-9.
Garber, Peter. 1989. Tulipmania. Journal of Political Economy 97 535-60.
Lee, Charles M. C., Shleifer, Andrei, Thaler, Richard. 1991. Investor Sentiment & the Closed-End Fund
Puzzle. Journal of Finance 46(1) 75-110.
Mackay, Charles. 1841. Extraordinary Popular Delusions & the Madness of Crowds. Richard Bentley:
London pp. 1-97 (chapters on Mississippi scheme, South Sea bubble, & Tulipmania)
Links: www.econlib.org/library/Mackay/macEx.html
www.archive.org/details/extraordinarypop014178mbp
www.gutenberg.org/browse/authors/m#a516
Reinhart, Carmen and Kenneth Rogoff. 2008. This Time Is Different: Eight Centuries of Financial
Folly Princeton University Press
Financial History & the Wisdom of Crowds
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Chan, Su-han., John Martin & John Kensinger. 1990. Corporate Research & Development
Expenditures & Share value. Journal of Financial Economics 26 255-266.
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Fama, Eugene. 1970. Efficient Capital Markets: A Review of Theory & Empirical Work. Journal of
Finance 25 383–417
Hall, Bronwyn. 1993. Industrial research during the 1980s: Did the Rate of Return fall? Brookings
Papers on Economic Activity 1993(2) 289-343.
Malkiel, Burton. 2003. A Random Walk Down Wall Street. Norton.
McConnell, John & Chris J. Muscarella. 1985. Corporate Capital Expenditure Decisions & the Market
Value of the Firm. Journal of Financial Economics. Sept. 14(3) 399 422.
Surowiecki, James 2004. The Wisdom of Crowds: Why the Many Are Smarter Than the Few & How
Collective Wisdom Shapes Business, Economies, Societies & Nations .Little, Brown
Wolfers, Justin & Eric Zitzewitz. 2004. Prediction Markets. Journal of Economic Perspectives
18(2)107­26
Financial Markets as Information Processors
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Grossman, Sanford & Joseph Stiglitz. 1980. On the Impossibility of Informationally Efficient Markets.
American Economic Review 70(3) 393
Grossman, Sanford. 1976. On the Efficiency of Competitive Stock Markets where Traders Have
Diverse Information. Journal of Finance 31(2) 573-85.
Hayek, Friedrich August. 1945. The Use of Knowledge in Society. American Economic Review.
Jung, Jeeman & Robert J Shiller. 2005. Samuelson's Dictum & the Stock Market. Economic Inquiry
43(2) 221-9.
Minsky, Hyman. 1986. Stabilizing an Unstable Economy. Yale University Press.
Roll, Richard. 1988. R2. Journal of Finance 43(2) 541-566.
Samuelson, Paul. 1998. Summing upon Business Cycles: Opening Address. In Jeffrey Fuhrer & Scott
Schuh, eds. Beyond Shocks: What Causes Business Cycles. Federal Reserve Bank of Boston.
Shleifer, Andrei & Lawrence Summers. 1990. The Noise Trader Approach to Finance. Journal of
Economic Perspectives. Spring.
Partially Efficient Markets
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Fernandes, Nuno & Miguel Ferreira. 2008. Does international cross-listing improve the information
environment. Journal of Financial Economics 88(2) 216.
Fernandes, Nuno & Miguel Ferreira. 2009. Insider Trading Laws and Stock Price Informativeness.
Review of Financial Studies 22(5) 1845-88.
Ferreira, Miguel & Paul Laux. 2007. Corporate Governance, Idiosyncratic Risk, and Information Flow.
Journal of Finance 62(2) 951
Goetzmann, William N., Ning Zhu & Arturo Bris. 2007. Efficiency & the Bear: Short Sales & Markets
around the World. Journal of Finance 62(3) 1029; also NBER working paper 9466.
Jin, Li, & Stewart C. Myers. 2006. R2 around the World: New Theory & New Tests. Journal of
Financial. Economics 79(2) 257–292
Khanna, Tarun, & Catherine Thomas. 2009. Synchronicity & Firm Interlocks in an Emerging Market.
Journal of Financial Economics, forthcoming.
Li, Kan, Randall Morck, Fan Yang, & Bernard Yeung. 2004. Firm-Specific Variation & Openness in
Emerging Markets. Review of Economics & Statistics 86(3) 658-69.
Morck, Randall, Bernard Yeung & Wayne Yu. 2013. R2 and the Economy. Annual Review of Financial
Economics 4(2)143-166.
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Morck, Randall, Bernard Yeung, & Wayne Yu. 2000. The Information Content of Stock Markets: Why
Do Emerging Markets Have Synchronous Stock Price Movements? Journal of Financial Economics 58
215-238.
Wei, S.X., & Chi Zhang. 2006. Why did individual stocks become more volatile? Journal of Business
79 259-292.
Part IV:
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Financial History & How Economies Work
Animal Spirits: How Human Psychology Drives the Economy, and Why It Matters for Global
Capitalism by George A. Akerlof and Robert J. Shiller, Princeton University Press, 2009.
How Good are Firms at Capital Budgeting?
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Bernardo, Antonio, and Ivo Welch. 2001. On the Evolution of Overconfidence and Entrepreneurs.
Journal of Economics and Management Strategy 10:3, 301-30.
Bhattacharya, Sudipto. 1978. Project Valuation with Mean-Reverting Cash Flow Streams. Journal of
Finance 33(5) 1317
Bikhchandaqni, Sahil, David Hirschleifer, and Ivo Welch. 1992. A Theory of Fashion, Custom, and
Cultural Change. Journal of Political Economy 100:5, 992-1026.
Blanchard, Olivier, Changyong Rhee, and Lawrence Summers. 1993. The Stock Market, Profit, and
Investment. Quarterly Journal of Economics 108 115–136.
Camerer, Colin, Teck-Hua Ho, Juin-Kuan Chong. 2004. A Cognitive Hierarchy Model of Games.
Quarterly Journal of Economics 119(3)861
Harvey, Campbell & John Graham. 2001. The theory & practice of corporate finance: Evidence from
the field. Journal of Financial Economics 60 187-243.
Keynes, John Maynard. 1936. The General Theory of Employment, Interest & Money. Royal Economic
Society (chapter 12) www.marxists.org/reference/subject/economics/keynes/general-theory
Morck, Randall, Eduardo Schwartz and David Stangeland. 1989. The Valuation of Forestry Resources
under Stochastic Prices and Inventories. Journal of Financial and Quantitative Analysis 24(4) Dec.
Measuring Capital Budgeting Quality
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Wurgler, Jeffrey. 2000. Financial Markets & the Allocation of Capital. Journal of Financial Economics.
58(1) (Oct.).
Choe, Hyuk, Bong-Chan Kho, & René Stulz. 1999. Do foreign investors destabilize stock markets? The
Korean experience in 1997. Journal of Financial Economics 54(2) 227
Diamond, Douglas & Raghuram G Rajan. 2001 Liquidity risk, liquidity creation, and financial fragility:
A theory of banking. Journal of Political Economy 109(2) 287-328.
Diamond, Douglas & Raghuram G Rajan. 2002. Bank bailouts and aggregate liquidity. American
Economic Review 92(2) 38-42.
Diamond, Douglas & Raghuram G Rajan. 2005. Liquidity Shortages and Banking Crises. Journal of
Finance 60(2) 615-48.
Durnev, Artyom, Randall Morck, & Bernard Yeung. 2004. Value Enhancing Capital Budgeting & FirmSpecific Stock Returns Variation. Journal of Finance 59(1)
Leitner. Yaron. 2005. Financial Networks: Contagion, Commitment, and Private Sector Bailouts.
Journal of Finance 60(6) 2925
Tobin, James. 1982. On the Efficiency of the Financial System. Lloyd’s Banking Review. July
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Part V
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Different Countries’ Financial Histories
Morck, Randall,ed. 2005. A History of Corporate Governance around the World. University of
Chicago Press.
Some Major Differences
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La Porta, Rafael; Florencio Lopez-De-Silanes & Andrei Shleifer. 1999. Corporate Ownership Around
the World. Journal of Finance. April. 54(2) 471-503.
Morck, Randall & Bernard Yeung. 2009. Never Waste a Good Crisis: An Historical Perspective on
Comparative Corporate Governance. NBER working paper 15042
Morck, Randall & Lloyd Steier. 2005. The Global History of Corporate Governance: An Introduction.
In Randall Morck, ed. A History of Corporate Governance around the World: Family Business Groups
to Professional Managers. University of Chicago Press. 1-64. Link: www.nber.org/books/morc05-1
Morck, Randall, Daniel Wolfenzon & Bernard Yeung. 2005. Corporate Governance, Economic
Entrenchment and Growth. Journal of Economic Literature. Also NBER working paper 10692.
Some Common Themes
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Jensen, Michael & William Meckling. 1976. Theory of the firm: managerial behavior, agency costs &
ownership structure. Journal of Financial Economics 3 305–360
Jensen, Michael. 1986. Agency Costs of Free Cash Flow, Corporate Finance, & Takeovers. American
Economic Review. May. 76(2) 323-30.
Morck, Randall. 2009. Generalized Agency Problems. NBER working paper 15051.
Festinger, Leon. 1957. A Theory of Cognitive Dissonance. Row, Peterson.
Janis, Irving. 1972. Victims of Groupthink. Boston. Houghton Mifflin.
Milgram, Stanley. 1974. Obedience to Authority. Harper & Row.
Hayek, Friedrich. 1944. The Road to Serfdom. University of Chicago Press. [Reader’s Digest
“condensed” version (Apr. 1945) available at www.iea.org.uk/files/upld-publication43pdf?.pdf]
Fukuyama, Francis. 1992. The End of History & the Last Man. Free Press.
Schumpeter Joseph. 1942. Capitalism, Socialism & Democracy. Harper & Row.
Smith, Adam. 1759. The Theory of the Moral Sentiments. Edinburgh.
Link: www.adamsmith.org/smith/tms/tms-index.htm
American Exceptionalism
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Bebchuk, Lucien & Alma Cohen. 2003. Firms' Decisions Where to Incorporate. Journal of Law &
Economics 46 383-425.
Bebchuk, Lucien & Jesse Fried. 2004. Pay without Performance: The Unfulfilled Promise of Executive
Compensation. Harvard University Press.
Becht, Marco & J. Bradford DeLong. 2005. Why Has There Been So Little Block Holding in America?
In Randall Morck, ed. A History of Corporate Governance around the World: Family Business Groups
to Professional Managers. University of Chicago Press. 613 - 666.
Berle, Adolf & Gardiner Means. 1932. The Modern Corporation & Private Property. Macmillan, New
York.
Black, Conrad. 2003. Franklin Delano Roosevelt: Champion of Freedom. Public Affairs.
Gompers, Paul, Joy Ishii & Andrew Metrick. 2003. Corporate Governance & Equity Prices. Quarterly
Journal of Economics 118 107-55.
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Johnson, W. Bruce, Robert P. Magee, Nandu J. Nagarajan & Henry A. Newman. 1985. An Analysis of
the Stock Price Reaction to Sudden Executive Deaths: Implications for the Management labor
Model. Journal of Accounting & Economics. 7(1-3) April.151-174.
Danny Miller, Isabelle Le Breton-Miller, Richard H. Lester & Albert A. Cannella Jr. 2007. Are family
firms really superior performers? Journal of Corporate Finance 13 829-58.
Morck, Randall, Andrei Shleifer & Robert W. Vishny. 1988. Management Ownership & Market
Valuation: An Empirical Analysis. Journal of Financial Economics 20(1,2) 293-316.
Morck, Randall. 2005. How to Eliminate Pyramidal Business Groups: The Double-Taxation of
Intercorporate Dividends & Other Incisive Uses of Tax Policy. Tax Policy & the Economy 19 135-179.
Also available as an NBER working paper.
Slovin, Myron & Marie Sushka. 1993. Ownership Concentration, Corporate-Control Activity, & Firm
Value - Evidence from the Death of Inside Blockholders. Journal of Finance 48(4) 1293-1321.
Yermack, David. 2006. Flights of fancy: Corporate jets, CEO perquisites, & inferior shareholder
returns. Journal of Financial Economics 80(1)211-242
Canada
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Bris. Arturo. 2005. Do Insider Trading Laws Work? European Financial Management 11(3) 267
Eckbo, B. Espen. 1986. Mergers & the market for corporate control: The Canadian evidence.
Canadian Journal of Economics 19 236-260.
Francis, Diane. 1988. Contrepreneurs. Macmillan.
Francis, Diane. 2008. Who Owns Canada Now? Old Money, New Money and the Future of Canadian
Business HarperCollins
Khorana, Ajay, Henri Servaes, & Peter Tufano. Mutual Fund Fees around the World. Review of
Financial Studies 22(3) 1279-1310
King, Michael R. and Eric Santor. 2008. Family Values: Ownership Structure, Performance and Capital
Structure of Canadian Firms. International Department Working Paper, Bank of Canada
Morck, Randall K., David A. Stangeland & Bernard Yeung. 2000. Inherited Wealth, Corporate Control
& Economic Growth: The Canadian Disease. In R. Morck, ed. Concentrated Corporate Ownership.
University of Chicago Press. Also available as a NBER working paper.
Morck, Randall, Michael Percy, Gloria Y. Tian, & Bernard Yeung. 2005. The Rise & Fall of the Widely
Held Firm: A History of Corporate Ownership in Canada. In Randall Morck, ed. A History of Corporate
Governance around the World: Family Business Groups to Professional Managers. University of
Chicago Press. 65-140. Also available as a NBER working paper.
Smith, Brian & Amoako-Adu, Ben. 1999. Management succession & financial performance of family
controlled firms. Journal of Corporate Finance 5(4) 341-368
Britain
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Black, Bernard & John Coffee. 1997. Hail Britannia? Institutional investor behavior under limited
regulation. Michigan Law Review 92(7) 1997-2088.
Cheffins, Brian. 2001. Does Law Matter? The Separation of Ownership & Control in the United
Kingdom. Journal of Legal Studies 459.
Cheffins, Brian. 2009. Corporate Ownership & Control: British Business Transformed. Oxford
University Press.
Franks, Julian, Colin Mayer, Stefano Rossi. 2005. Spending Less Time with the Family: The Decline of
Family Ownership in the United Kingdom. In Randall Morck, ed. A History of Corporate Governance
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around the World: Family Business Groups to Professional Managers. University of Chicago Press.
581 – 612.
Gompers, Paul, & Andrew Metrick. 2000. Institutional Investors & Equity Prices. Quarterly Journal of
Economics 114 229-260.
Lakonishok, Josef, Andrei Shleifer, Richard Thaler, & Robert Vishny. 1991. Window Dressing by
Pension Fund Managers. American Economic Review 81(2) 227-32.
Lakonishok, Josef, Andrei Shleifer, Richard Thaler, & Robert Vishny. 1992. The Structure &
Performance of the Money Management Industry. Brookings Papers on Economic Activity 1992(1)
339-92.
Romano, Roberta. 1995. The Politics of public pension funds. The Public Interest 119 42 53.
Finance & the Common Law
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Commons, John R., 1924. Legal foundations of capitalism. University of Wisconsin Press, Madison.
Glaezer, Edward & Andrei Shleifer. 2002. Legal Origins. Quarterly Journal of Economics 117(4) 11931250.
La Porta, Rafael, Florencio Lopez-De-Silanes, Andrei Shleifer, Robert Vishny. 2002. Investor
protection & corporate valuation. Journal of Finance 57(3) 1147-1170.
La Porta, Rafael, Florencio Lopez-de-Silanes, Cristian Pop-Eleches, Andrei Shleifer. 2004. Judicial
Checks & Balances. Journal of Political Economy 112(2) 445-470.
La Porta, Rafael, Florencio Lopez-de-Salinas, Andrei Shleifer & Robert Vishny. 1997. Legal
Determinants of External Finance. Journal of Finance. July, 52(3) 1131 1150
La Porta, Rafael, Florencio Lopez-de-Salinas, Andrei Shleifer & Robert Vishny 1998. Law & Finance.
Journal of Political Economy. Dec 106(6) 1113-57.
La Porta, Rafael, Florencio Lopez-de-Silanes, & Andrei Shleifer 2006. What works in securities laws.
Journal of Finance 61 1-32.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer & Robert Vishny. 2000. Investor
Protection & Corporate Governance. Journal of Financial Economics 58: 3-27.
Levine, Ross, Asli Demirguc-Kunt & Thorsten Beck. 2003. Law & Finance: Why Does Legal Origin
Matter? Journal of Comparative Economics 31(4) 653-676.
Mahoney, Paul. 2001. The Common Law & Economic Growth: Hayek Might Be Right. Journal of Legal
Studies 30, 503.
Pistor, Katharina, Yoram Keinan, Ja n Kleinheisterkamp, & Mark West. 2003. Evolution of corporate
law & the transplant effect: Lessons from six countries. World Bank Research Observer 18(1) 89-112.
Posner, Richard. 1996. Law & Legal Theory in England & America. Oxford Clarendon Press.
Corporatism and Financial History in Europe
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Aganin, Alexander & Paolo Volpin. 2005. The History of Corporate Ownership in Italy. In Randall
Morck, ed. A History of Corporate Governance around the World: Family Business Groups to
Professional Managers. University of Chicago Press, 325 – 366. Link: www.nber.org/books/morc05-1
Bertrand, Marianne, Francis Kramarz, Antoinette Schoar, & David Thesmar. Political Connections &
Corporate Performance: An analysis on French CEOs.
Kramarz, Francis & David Thesmar. Social Networks in the Boardroom. HEC Paris working paper.
Morck, Randall & Bernard Yeung. 2010. Corporatism and the Ghost of the Third Way. Capitalism and
Society 5(3) article 2.
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Murphy, Antoin. 2005.Corporate Ownership in France: The Importance of History. In Randall Morck,
ed. A History of Corporate Governance around the World: Family Business Groups to Professional
Managers. University of Chicago Press, 185 – 222.
Mussolini, Benito. 1932. The Doctrine of Fascism Enciclopedia Italiana. Link: Doctrine of Fascism.
Quadragesimo Anno: encyclical of Pope Pius XI on reconstruction of the social order
Rerum Novarum: encyclical of Pope Leo XIII on capital and labor
Smith, Timothy. 2004. France in Crisis: Welfare, Inequality & Globalization since 1980. Cambridge
University Press.
Germany
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Fergusson, Adam. 2010. When Money Dies: The Nightmare of Deficit Spending, Devaluation, and
Hyperinflation in Weimar Germany. PublicAffairs.
Fohlin, Caroline. 2005. The History of Corporate Ownership & Control in Germany. In Randall Morck,
ed. A History of Corporate Governance around the World: Family Business Groups to Professional
Managers. University of Chicago Press, 223 – 282.
Baums, Theodor. 1996. Universal Banks & Investment Companies in Germany. In Anthony Saunders
& Ingo Walter, eds. Universal Banking: Financial System Design Reconsidered. Irwin, 124-160.
Beck, Thorsten & Ross Levine. 2002. Industry growth & capital allocation: Does having a market- or
bank-based system matter? Journal of Financial Economics 64(2) 147.
Faleye, Olubunmi, Vikas Mehrotra & Randall Morck. 2006. When Labor has a Voice in Corporate
Governance. Journal of Financial & Quantitative Analysis 41 489-510
Jensen, Michael & William Meckling. 1979. Rights & Production Functions: An Application to LaborManaged Firms & Co-Determination. Journal of Business 52 469-506.
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