عنوان انگلیسی مقاله:
Limited liability and investment: Evidence from changes in marital property laws in the US South, 1840–1850
ترجمه فارسی عنوان مقاله:
مسئولیت محدود و سرمایه گذاری: شواهدی از تغییر در قوانین مالکیت زناشویی در جنوب ایالات متحده ، 1840-1840
Sciencedirect - Elsevier - Journal of Financial Economics, Corrected proof. doi:10.1016/j.jfineco.2020.04.003
Peter Koudijs a , b , ∗, Laura Salisbury b , c
We study the impact of marital property legislation passed in the US South in the 1840s on households’ investment in risky, entrepreneurial projects. These laws protected the as- sets of newly married women from creditors in a world of virtually unlimited liability. We compare couples married after the passage of a marital property law with couples from the same state who were married before. Consistent with a simple model of household borrowing that trades offagency costs against risk sharing, the effect on investment was heterogeneous. It increased if most household property came from the husband and de- creased if most came from the wife.
Keywords: Bankruptcy | Household finance | Economic history