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Mark Weinstein's main research interests lie in the relation between law and finance and how this affects corporate governance. His research has appeared in, among others, The Journal of Finance, The Journal of Financial Economics, The American Law and Economics Review, and The Journal of Legal Studies. He is currently on the editorial board of the Pacific Basin Finance Journal, and previously served as Book Review Editor for the Journal of Finance. Professor Weinstein has been Secretary/Treasurer of the Society for Financial Studies since its founding in 1987. He has consulted with numerous firms and the U.S. Securities and Exchange Commission. Prof. Weinstein is also Associate Professor of Business and Law in the USC Gould School Law.
RESEARCH + PUBLICATIONS
Legal origin cannot explain economic growth. Although common law countries have experienced higher growth rates since 1960, this advantage disappears when one controls for the dominant pre-independence colonial power or for human capital in 1960. Legal origin and colonial history are strongly correlated. Nearly all common law countries are former English colonies, and nearly all civil law countries were colonized by France, Spain or Portugal. Therefore, unless one controls for other aspects of colonial policy – such as education – differences between countries are likely to be misattributed to differences in their legal systems. In addition, the process of colonization was not random. Apparent differences in the economic performance of former colonies may be explicable as effects of initial geographic and climatic conditions.
This paper surveys the first generation CRSP papers authored by Larry Fisher in the 1960's. It is part of a memorial issue of the Review of Quantitative Finance and Accounting devoted to Larry Fisher
Only in 1931 was the California Corporate Code revised to provide for limited liability. In earlier work I found that this move had no detectable effect on shareholder wealth. In this article I examine the potential beneficiaries of this change with an eye toward finding out who wanted this change. Using this historical example we can shed light on a number of issues including: (1) the economic impact of limited liability; (2) the role of lawyers, especially lawyers of high prestige, in determining the law; and (3) the competition or lack thereof among states in designing their corporate codes.