English, Article edition: Don't Buy Shares without It: Limited Liability Comes to American Express Mark I. Weinstein

User activity

Share to:
 
Bookmark: http://trove.nla.gov.au/version/195597
Physical Description
  • article
Language
  • English

Edition details

Title
  • Don't Buy Shares without It: Limited Liability Comes to American Express
Author
  • Mark I. Weinstein
Physical Description
  • article
Notes
  • What is the value of limited liability to the corporation? Financial economists take the value of limited liability for granted, and there has been little empirical study of its value. Few natural experiments allow us to estimate the value of limited liability. One of these, however, is the case of the American Express Company. It appears that American Express was the last publicly traded unlimited liability firm in the United States, becoming a corporation with limited liability only in 1965. In this article, I examine the effects of adopting limited liability on the value of American Express shares and on their risk. Consistent with economic theory and previous empirical research, I find little effect on the firm's value and a reduction in both systematic and unsystematic risk. This article also contributes to the empirical methodology of event studies. (c) 2008 by The University of Chicago. All rights reserved..
  • RePEc:ucp:jlstud:v:37:y:2008:i:1:p:189-227
Language
  • English
Contributed by
OAIster

Get this edition

Other links

  • Set up My libraries

    How do I set up "My libraries"?

    In order to set up a list of libraries that you have access to, you must first login or sign up. Then set up a personal list of libraries from your profile page by clicking on your user name at the top right of any screen.

  • All (1)
  • Unknown (1)
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.
None of your libraries hold this item.

User activity


e.g. test cricket, Perth (WA), "Parkes, Henry"

Separate different tags with a comma. To include a comma in your tag, surround the tag with double quotes.

Be the first to add a tag for this edition

Be the first to add this to a list

Comments and reviews

What are comments? Add a comment

No user comments or reviews for this version

Add a comment