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Double Liability at Early American Banks

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NBER2015-08-01 更新2025-01-04 收录
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Limited liability is a defining feature of the modern corporation, but it was not always so. By the early 1850s about one-half of all states imposed double liability on bank shareholders. This paper shows that double liability was adopted as deposits increased relative to banknotes and in

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2015-08-01
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