Recent finance scholarship finds that countries with legal systems based on the common law provide better investor protections and have more developed financial markets than civil law countries. These findings echo Hayek's claims of the superiority of English to French legal institutions. In...

The U.S. equity markets have undergone profound changes since the late 20th century. Electronic order books have almost entirely replaced manual floor- and telephone-based trading. New trading venues and order types have proliferated. Technology made these developments possible, but regulation...

Recent finance scholarship finds that countries with legal systems based on the common law provide better investor protections and have more developed financial markets than civil law countries. These findings echo Hayek's claims of the superiority of English to French legal institutions. In...