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The Functioning of Bankruptcy Law and Practices in European Perspective (ca.1880–1913)

Published online by Cambridge University Press:  18 February 2015

Pierre-Cyrille Hautcoeur  and
Paolo Di Martino
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Abstract

A growing body of research in economics and in business and economic history has shown the key role of bankruptcy and insolvency law on business organization, firms’ governance, and entrepreneurial choices. Most research, however, has focused on the formal aspects of laws, and still little is known on how various systems worked in practices. This paper fills this gap in the literature analyzing the functioning of bankruptcy procedures in four main European economies (Italy, France, England, and Germany) between ca.1880 and 1914. Using an original data set and descriptive statistics on length, organization, and return of procedures, the paper shows how the aim of attracting debtors was more successful in the less regulated English system, but how the protection of creditors’ rights was more efficiently pursued in France and Germany. Italy appears as the absolute worst performer.

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Manuscript
Information
Enterprise & Society , Volume 14 , Issue 3 , September 2013 , pp. 579 - 605
Copyright
Copyright © The Author(s) 2013. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved.

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Footnotes

We wish to thank Isabelle Rojon for her help in collecting German data; Francesca Carnevali, Andy Hodder, Claire Lemercier, Mark Lester, and Michelangelo Vasta for comments and criticisms; Paul Lewis for inspiring conversations on the theme of ‘varieties of capitalism’; and Cepremap for financial support. We also thank participants to seminars at Ecole Normale Supérieure of Paris, Centro de Estudios Avanzados en Ciencias Sociales (Juan March Fundacion, Madrid), University Carlos III Madrid, and University of Siena, for useful comments. Usual disclaimer applies.

References

Bibliography of Works Cited

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Board of Trade. Bankruptcy Annual Report. London: Board of Trade, various years.Google Scholar
International Statistical Institute. Bulletin of the International Statistical Institute. Rome, Italy: Imp. Heéritiers Botta, various years.Google Scholar
Kaiserlichen Statistichen Amte. Statistisches Jahrbuch für das Deutsche Reich. Berlin, Germany: Verlag von Puttkammer & Mühlbrecht, various years.Google Scholar
Ministère de la Justice. Compte général de l’administration de la justice civile et commerciale. Paris, France: Imprimerie Nationale, various years.Google Scholar
Ministero della Giustizia e degli Affari di Culto. Statistica giudiziaria civile e commerciale. Rome, Italy: Tiprografia L. Cecchini, various years.Google Scholar
Bolaffio, Leone. Il concordato preventivo secondo le sue tre leggi disciplinatrici. Torino, Italy: UTET, 1933.Google Scholar
Brown, Richard. “Comparative Legislation in Bankruptcy.” Journal of the Society of Comparative Legislation II, no. 3 1900: 251–70.Google Scholar
Carpentier, Paul. Législation commerciale de l’Allemagne. Code de commerce, mis en vigueur en 1900, loi sur le change, loi sur la faillite (législation refondue), texte, annotations, jurisprudence, droit comparé. Paris, France: A. Chevalier-Marescq, 1901.Google Scholar
“Comparative Statistics of Bankruptcies in England and France.” The Economist, December 16, 1882, 1552–53.Google Scholar
Del Marmol, Charley. La faillite en Droit Anglo-Saxon. Etude de législation et de jurisprudence faite dans le cadre de la loi anglaise de 1914. Paris and Brussels, France and Belgium: Librairie générale de Droit et de Jurisprudence; Etablissements Emile Bruylant, 1936.Google Scholar
Dunscomb, Samuel W. Bankruptcy, a Study in Comparative Legislation. New York: Columbia College, 1893.Google Scholar
Juglar, Clément. Des Crises commerciales et de leur retour périodique en France, en Angleterre et aux États-Unis. Paris, France: A. Picard, 1891.Google Scholar
Lecomte, Maxime. Etude comparée des principales législations européennes en matière de faillite Paris, France: Pedone-Lauriel, 1879.Google Scholar
“Lois commerciales de l’univers”, a collection of books publishing and translating the commercial and bankruptcy laws of all countries around 1913. Paris, France: Librairie Générale de Droit et de Jurisprudence, 1911–1913.Google Scholar
Mascret, Hippolyte-François. Dictionnaire des faillites. Paris, France: L’Auteur, 1863–1872.Google Scholar
Robert, Charles. De la liquidation judiciaire des socieéteés (Loi du 4 mars 1889). Bordeaux, France: Imprimerie Y. Cardonet, 1896.Google Scholar
Rocco, Alfredo. Il concordato nel fallimento e prima del fallimento. Trattato teorico-pratico, Torino, Italy: Bocca, 1902.Google Scholar
Yvernès, Émile L’administration de la justice civile et commerciale en Europe, législation et statistique. Paris, France: Imprimerie Nationale, 1876.Google Scholar
Carnevali, Francesca. Europe’s Advantage: Banks and Amall Firms in Britain, France, Germany, and Italy since 1918. Oxford: Oxford University Press, 2005.Google Scholar
Deeg, Richard. Finance Capitalism Unveiled: Banks and the German Political Economy. Ann Harbour: University of Michigan Press, 1999.Google Scholar
Duffy, Ian P. H. 1985. Bankruptcy and Insolvency in London during the Industrial Revolution. New York and London: Garland.Google Scholar
Friedman, Gerald H. L. Hicks, Idris Johnson, Edwin C. Bankruptcy Law and Practice. London: Butterworths, 1970.Google Scholar
Gerschenkron, Alexander. Economic backwardness in historical perspective. Cambridge, MA: Harvard University Press, 1962.Google Scholar
Hirsch, Jean-Pierre. Les deux rêves du commerce: entreprise et institution dans la région lilloise, 1780–1860. Paris, France: Editions de l’Ehess, 1991.Google Scholar
Jones, Geoffrey Friedman, Walter A. eds. The Rise Of The Modern Firm. Cheltenham, UK: Edward Elgar, 2011.Google Scholar
Lemercier, Claire. Un si discret pouvoir. Aux origines de la Chambre de commerce de Paris, 1803–1853. Paris, France: La Découverte, 2003.Google Scholar
Lester, V. Markham. Victorian Insolvency: Bankruptcy, Imprisonment for Debt, and Company Winding-Up in Nineteenth Century England. Oxford: Oxford University Press, 1995.Google Scholar
Armour, John Cumming, Douglas “Bankruptcy Law and Entrepreneurship.” American Law and Economics Review 2, no. 14 2008, 303–50.Google Scholar
Baker, Mae Collins, Michael “English Industrial Distress Before 1914 and the Response of the Banks.” European Review of Economic History 3, no. 1 1999, 1–24.Google Scholar
Berglof, Erik Rosenthal, Howard Von Thadden, Ernst-Ludwig “The Formation of Legal Institutions for Bankruptcy: A Comparative Study of the Legislative History.” Mimeo 2001.Google Scholar
Bonsignori, Angelo. Il Fallimento. Padova, Italy: Cedam, 1986.Google Scholar
Bordo, Michael D. Rousseau, Peter L. “Legal-Political Factors and the Historical Evolution of the Finance-growth Link.” European Review of Economic History 10, no. 3 2006, 421–44.Google Scholar
Carnevali, Francesca. “‘Crooks, Thieves, and Receivers’: Transaction Costs in Nineteenth-century Industrial Birmingham.” Economic History Review 57, no. 3 2004, 533–50.Google Scholar
Cerutti, Simona. “Paradigme de l’égalité et institutions supra-locales (Piémont-France, première moitié du XVIIIe siècle).” Mimeo 2009.Google Scholar
Claessens, Stijn Klapper, Leora F. “Bankruptcy around the World: Explanations of Its Relative Use.” American Law and Economics Review 7, no. 1 2005, 253–83.Google Scholar
Collins, Michael. “English Banks Development Within a European Context, 1870–1939.” Economic History Review 51, no. 1 1998, 1–24.Google Scholar
Davydenko, Sergei A. Franks, Julian R. “Do Bankruptcy Codes Matter? A Study of defaults in France, Germany and the UK.” The Journal of Finance 63, no. 2 2008, 565–608.Google Scholar
De Cecco, Marcello. “Piccole imprese, banche, commercialisti. Note sui protagonisti della seconda industrializzazione italiana.” In Atti di intelligenza e sviluppo economico. Saggi per il bicentenario della nascita di Carlo Cattaneo, edited by Cafagna, L. Crepax, N.425–49. Bologna, Italy: Il Mulino, 2001.Google Scholar
Deshusses, Frédéric. “Mesurer l’insolvabilité? Usages statistiques des dossiers de faillite (1673–1807).” Histoire et Measure 23, no. 1 2008, 19–41.Google Scholar
Di Martino, Paolo. “Banking Crises and the Evolution of Bankruptcy Legislation in Italy.” Rivista di Storia Economica 20, no. 1 2004, 65–85.Google Scholar
Di Martino, Paolo. “Approaching Disaster: A Comparison Between Personal Bankruptcy Legislation in Italy and England (c.1880–1939).” Business History 47, no. 1 2005, 23–43.Google Scholar
Di Martino, Paolo. “Dealing with Failure. Bankruptcy and Insolvency in the English Experience (1890–1939).” Histoire & Measure 23, no. 1 2008, 137–65.Google Scholar
Di Martino, Paolo. “Legal Institutions, Social Norms, and Entrepreneurship in Britain (c.1890-c.1939).” Economic History Review 65, no. 1 2012, 120–43.Google Scholar
Di Martino, Paolo Vasta, Michelangelo “Companies’ Insolvency and ‘the Nature of the Firm’ in Italy, 1920s-70s.” Economic History Review 63, no. 1 2010, 137–64.Google Scholar
Djankov, Simeon Hart, Oliver McLiesh, Caralee Shleifer, Andrei “Debt Enforcement Around the World.” NBER Working Paper No. 12807, Cambridge, MA, December 2006.Google Scholar
Fohlin, Caroline. “Universal Banking in Pre-World War I Germany: Model or Myth?” Explorations in Economic History 36, no. 4 1999, 305–43.Google Scholar
Franks, Julian Sussman, Oren “An Empirical Study of Financial Distress of Small Bank-Financed UK Companies: A Reassessment of English Insolvency Law.” Review of Finance 9, no. 1 2005, 65–96.Google Scholar
Guinnane, Timothy W. “Delegated Monitors, Large and Small: Germany’s Banking System, 1800–1914.” Journal of Economic Literature 40, no. 1 2002, 73–124.Google Scholar
Guinnane, Timothy Harris, Ron Lamoreaux, Naomi R. Rosenthal, Jean-Laurent “Putting the Corporation in its Place.” Enterprise and Society 8, no. 3 2007, 687–729.Google Scholar
Hautcoeur, Pierre-Cyrille. “Origines et usages de la statistique des faillites en France au 19e siècle: histoire d’un échec.” Histoire et Mesure 23, no. 1 2008, 85–136.Google Scholar
Hautcoeur, Pierre-Cyrille Levratto, Nadine “Legal Versus Economic Explanations of the Rise in Bankruptcies in XIX Century France.” Paris School of Economics Working Paper No. 47, Paris, 2007.Google Scholar
Hautcoeur, Pierre-Cyrille Levratto, Nadine “Petites et grandes entreprises face à la faillite en France au 19e siècle: du droit à la pratique.” In Le capitalisme au futur antérieur: crédit et spéculation en France, fin 18e-début 20e siècle, edited by A. Stanziani and N. Levratto, 199–265. Bruxelles, Belgium: Bruylant, 2011.Google Scholar
Lamoreaux, Naomi Rosenthal, Jean-Laurent. “Legal Regime and Contractual Flexibility: A Comparison of France and United States during the Era of Industrialization.” American Law and Economic Review 7, no. 1 2005, 28–61.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei “The Economic Consequences of Legal Origins.” Journal of Economic Literature 46, no. 2 2008, 285–332.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei Vishny, Robert W. “Legal Determinants of External Finance.” Journal of Finance 52, no. 3 1997, 1131–50.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei Vishny, Robert W. “Law and Finance.” Journal of Political Economy 106, no. 6 1998, 1113–55.Google Scholar
Martin, Jean-Clément. “Le commerçant, la faillite et l’historien.” Annales 35, no. 6 1980, 1251–68.Google Scholar
Musacchio, Aldo. “Do Legal Origins Have Persistent Effects Over Time? A Look at Law and Finance around the World c. 1900.” Mimeo 2007.Google Scholar
Musacchio, Aldo. “Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil.” Journal of Economic History 68, no. 1 2008, 80–108.Google Scholar
Nabayashi, Masaki Okasaki, Tetsuji “Role of Courts in Economic Development: A Case of Prewar Japan.” CIRJE Working Paper No. F-517, Tokyo, September 2007.Google Scholar
Sgard, Jerome. “Do Legal Origins Matter? The Case of Bankruptcy Laws in Europe, 1808–1914.” European Review of Economic History 10, no. 3 2006, 389–419.Google Scholar
Sgard, Jerome. “The History of Market Discipline: Bankruptcy, Renegotiation and Debt Discharge in England and France (16th-19th century).” Mimeo, 2009.Google Scholar
Vitols, Sigurt. “Changes in Germany’s Bank-Based Financial System: A Varieties of Capitalism Perspective.” Corporate Governance: An International Review 13, no. 3 2005, 386–96.Google Scholar
Wei, Fan White, Michelle J. “Personal Bankruptcy and the Level of Entrepreneurial Activity.” Journal of Law & Economics 46, no. 2 2003, 543–68.Google Scholar
“Atti della Commissione per la statistica giudiziaria e notarile.” In Ministero Agricoltura, Industria e Commercio, Annali di Statistica. Rome, Italy: Ministero Agricoltura, Industria e Commercio, various years.Google Scholar
Board of Trade. Bankruptcy Annual Report. London: Board of Trade, various years.Google Scholar
International Statistical Institute. Bulletin of the International Statistical Institute. Rome, Italy: Imp. Heéritiers Botta, various years.Google Scholar
Kaiserlichen Statistichen Amte. Statistisches Jahrbuch für das Deutsche Reich. Berlin, Germany: Verlag von Puttkammer & Mühlbrecht, various years.Google Scholar
Ministère de la Justice. Compte général de l’administration de la justice civile et commerciale. Paris, France: Imprimerie Nationale, various years.Google Scholar
Ministero della Giustizia e degli Affari di Culto. Statistica giudiziaria civile e commerciale. Rome, Italy: Tiprografia L. Cecchini, various years.Google Scholar
Bolaffio, Leone. Il concordato preventivo secondo le sue tre leggi disciplinatrici. Torino, Italy: UTET, 1933.Google Scholar
Brown, Richard. “Comparative Legislation in Bankruptcy.” Journal of the Society of Comparative Legislation II, no. 3 1900: 251–70.Google Scholar
Carpentier, Paul. Législation commerciale de l’Allemagne. Code de commerce, mis en vigueur en 1900, loi sur le change, loi sur la faillite (législation refondue), texte, annotations, jurisprudence, droit comparé. Paris, France: A. Chevalier-Marescq, 1901.Google Scholar
“Comparative Statistics of Bankruptcies in England and France.” The Economist, December 16, 1882, 1552–53.Google Scholar
Del Marmol, Charley. La faillite en Droit Anglo-Saxon. Etude de législation et de jurisprudence faite dans le cadre de la loi anglaise de 1914. Paris and Brussels, France and Belgium: Librairie générale de Droit et de Jurisprudence; Etablissements Emile Bruylant, 1936.Google Scholar
Dunscomb, Samuel W. Bankruptcy, a Study in Comparative Legislation. New York: Columbia College, 1893.Google Scholar
Juglar, Clément. Des Crises commerciales et de leur retour périodique en France, en Angleterre et aux États-Unis. Paris, France: A. Picard, 1891.Google Scholar
Lecomte, Maxime. Etude comparée des principales législations européennes en matière de faillite Paris, France: Pedone-Lauriel, 1879.Google Scholar
“Lois commerciales de l’univers”, a collection of books publishing and translating the commercial and bankruptcy laws of all countries around 1913. Paris, France: Librairie Générale de Droit et de Jurisprudence, 1911–1913.Google Scholar
Mascret, Hippolyte-François. Dictionnaire des faillites. Paris, France: L’Auteur, 1863–1872.Google Scholar
Robert, Charles. De la liquidation judiciaire des socieéteés (Loi du 4 mars 1889). Bordeaux, France: Imprimerie Y. Cardonet, 1896.Google Scholar
Rocco, Alfredo. Il concordato nel fallimento e prima del fallimento. Trattato teorico-pratico, Torino, Italy: Bocca, 1902.Google Scholar
Yvernès, Émile L’administration de la justice civile et commerciale en Europe, législation et statistique. Paris, France: Imprimerie Nationale, 1876.Google Scholar
Carnevali, Francesca. Europe’s Advantage: Banks and Amall Firms in Britain, France, Germany, and Italy since 1918. Oxford: Oxford University Press, 2005.Google Scholar
Deeg, Richard. Finance Capitalism Unveiled: Banks and the German Political Economy. Ann Harbour: University of Michigan Press, 1999.Google Scholar
Duffy, Ian P. H. 1985. Bankruptcy and Insolvency in London during the Industrial Revolution. New York and London: Garland.Google Scholar
Friedman, Gerald H. L. Hicks, Idris Johnson, Edwin C. Bankruptcy Law and Practice. London: Butterworths, 1970.Google Scholar
Gerschenkron, Alexander. Economic backwardness in historical perspective. Cambridge, MA: Harvard University Press, 1962.Google Scholar
Hirsch, Jean-Pierre. Les deux rêves du commerce: entreprise et institution dans la région lilloise, 1780–1860. Paris, France: Editions de l’Ehess, 1991.Google Scholar
Jones, Geoffrey Friedman, Walter A. eds. The Rise Of The Modern Firm. Cheltenham, UK: Edward Elgar, 2011.Google Scholar
Lemercier, Claire. Un si discret pouvoir. Aux origines de la Chambre de commerce de Paris, 1803–1853. Paris, France: La Découverte, 2003.Google Scholar
Lester, V. Markham. Victorian Insolvency: Bankruptcy, Imprisonment for Debt, and Company Winding-Up in Nineteenth Century England. Oxford: Oxford University Press, 1995.Google Scholar
Armour, John Cumming, Douglas “Bankruptcy Law and Entrepreneurship.” American Law and Economics Review 2, no. 14 2008, 303–50.Google Scholar
Baker, Mae Collins, Michael “English Industrial Distress Before 1914 and the Response of the Banks.” European Review of Economic History 3, no. 1 1999, 1–24.Google Scholar
Berglof, Erik Rosenthal, Howard Von Thadden, Ernst-Ludwig “The Formation of Legal Institutions for Bankruptcy: A Comparative Study of the Legislative History.” Mimeo 2001.Google Scholar
Bonsignori, Angelo. Il Fallimento. Padova, Italy: Cedam, 1986.Google Scholar
Bordo, Michael D. Rousseau, Peter L. “Legal-Political Factors and the Historical Evolution of the Finance-growth Link.” European Review of Economic History 10, no. 3 2006, 421–44.Google Scholar
Carnevali, Francesca. “‘Crooks, Thieves, and Receivers’: Transaction Costs in Nineteenth-century Industrial Birmingham.” Economic History Review 57, no. 3 2004, 533–50.Google Scholar
Cerutti, Simona. “Paradigme de l’égalité et institutions supra-locales (Piémont-France, première moitié du XVIIIe siècle).” Mimeo 2009.Google Scholar
Claessens, Stijn Klapper, Leora F. “Bankruptcy around the World: Explanations of Its Relative Use.” American Law and Economics Review 7, no. 1 2005, 253–83.Google Scholar
Collins, Michael. “English Banks Development Within a European Context, 1870–1939.” Economic History Review 51, no. 1 1998, 1–24.Google Scholar
Davydenko, Sergei A. Franks, Julian R. “Do Bankruptcy Codes Matter? A Study of defaults in France, Germany and the UK.” The Journal of Finance 63, no. 2 2008, 565–608.Google Scholar
De Cecco, Marcello. “Piccole imprese, banche, commercialisti. Note sui protagonisti della seconda industrializzazione italiana.” In Atti di intelligenza e sviluppo economico. Saggi per il bicentenario della nascita di Carlo Cattaneo, edited by Cafagna, L. Crepax, N.425–49. Bologna, Italy: Il Mulino, 2001.Google Scholar
Deshusses, Frédéric. “Mesurer l’insolvabilité? Usages statistiques des dossiers de faillite (1673–1807).” Histoire et Measure 23, no. 1 2008, 19–41.Google Scholar
Di Martino, Paolo. “Banking Crises and the Evolution of Bankruptcy Legislation in Italy.” Rivista di Storia Economica 20, no. 1 2004, 65–85.Google Scholar
Di Martino, Paolo. “Approaching Disaster: A Comparison Between Personal Bankruptcy Legislation in Italy and England (c.1880–1939).” Business History 47, no. 1 2005, 23–43.Google Scholar
Di Martino, Paolo. “Dealing with Failure. Bankruptcy and Insolvency in the English Experience (1890–1939).” Histoire & Measure 23, no. 1 2008, 137–65.Google Scholar
Di Martino, Paolo. “Legal Institutions, Social Norms, and Entrepreneurship in Britain (c.1890-c.1939).” Economic History Review 65, no. 1 2012, 120–43.Google Scholar
Di Martino, Paolo Vasta, Michelangelo “Companies’ Insolvency and ‘the Nature of the Firm’ in Italy, 1920s-70s.” Economic History Review 63, no. 1 2010, 137–64.Google Scholar
Djankov, Simeon Hart, Oliver McLiesh, Caralee Shleifer, Andrei “Debt Enforcement Around the World.” NBER Working Paper No. 12807, Cambridge, MA, December 2006.Google Scholar
Fohlin, Caroline. “Universal Banking in Pre-World War I Germany: Model or Myth?” Explorations in Economic History 36, no. 4 1999, 305–43.Google Scholar
Franks, Julian Sussman, Oren “An Empirical Study of Financial Distress of Small Bank-Financed UK Companies: A Reassessment of English Insolvency Law.” Review of Finance 9, no. 1 2005, 65–96.Google Scholar
Guinnane, Timothy W. “Delegated Monitors, Large and Small: Germany’s Banking System, 1800–1914.” Journal of Economic Literature 40, no. 1 2002, 73–124.Google Scholar
Guinnane, Timothy Harris, Ron Lamoreaux, Naomi R. Rosenthal, Jean-Laurent “Putting the Corporation in its Place.” Enterprise and Society 8, no. 3 2007, 687–729.Google Scholar
Hautcoeur, Pierre-Cyrille. “Origines et usages de la statistique des faillites en France au 19e siècle: histoire d’un échec.” Histoire et Mesure 23, no. 1 2008, 85–136.Google Scholar
Hautcoeur, Pierre-Cyrille Levratto, Nadine “Legal Versus Economic Explanations of the Rise in Bankruptcies in XIX Century France.” Paris School of Economics Working Paper No. 47, Paris, 2007.Google Scholar
Hautcoeur, Pierre-Cyrille Levratto, Nadine “Petites et grandes entreprises face à la faillite en France au 19e siècle: du droit à la pratique.” In Le capitalisme au futur antérieur: crédit et spéculation en France, fin 18e-début 20e siècle, edited by A. Stanziani and N. Levratto, 199–265. Bruxelles, Belgium: Bruylant, 2011.Google Scholar
Lamoreaux, Naomi Rosenthal, Jean-Laurent. “Legal Regime and Contractual Flexibility: A Comparison of France and United States during the Era of Industrialization.” American Law and Economic Review 7, no. 1 2005, 28–61.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei “The Economic Consequences of Legal Origins.” Journal of Economic Literature 46, no. 2 2008, 285–332.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei Vishny, Robert W. “Legal Determinants of External Finance.” Journal of Finance 52, no. 3 1997, 1131–50.Google Scholar
La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei Vishny, Robert W. “Law and Finance.” Journal of Political Economy 106, no. 6 1998, 1113–55.Google Scholar
Martin, Jean-Clément. “Le commerçant, la faillite et l’historien.” Annales 35, no. 6 1980, 1251–68.Google Scholar
Musacchio, Aldo. “Do Legal Origins Have Persistent Effects Over Time? A Look at Law and Finance around the World c. 1900.” Mimeo 2007.Google Scholar
Musacchio, Aldo. “Can Civil Law Countries Get Good Institutions? Lessons from the History of Creditor Rights and Bond Markets in Brazil.” Journal of Economic History 68, no. 1 2008, 80–108.Google Scholar
Nabayashi, Masaki Okasaki, Tetsuji “Role of Courts in Economic Development: A Case of Prewar Japan.” CIRJE Working Paper No. F-517, Tokyo, September 2007.Google Scholar
Sgard, Jerome. “Do Legal Origins Matter? The Case of Bankruptcy Laws in Europe, 1808–1914.” European Review of Economic History 10, no. 3 2006, 389–419.Google Scholar
Sgard, Jerome. “The History of Market Discipline: Bankruptcy, Renegotiation and Debt Discharge in England and France (16th-19th century).” Mimeo, 2009.Google Scholar
Vitols, Sigurt. “Changes in Germany’s Bank-Based Financial System: A Varieties of Capitalism Perspective.” Corporate Governance: An International Review 13, no. 3 2005, 386–96.Google Scholar
Wei, Fan White, Michelle J. “Personal Bankruptcy and the Level of Entrepreneurial Activity.” Journal of Law & Economics 46, no. 2 2003, 543–68.Google Scholar