In this article, using new estimates of the size of the UK's capital market, we examine financial development and investor protection laws in Britain c.1900 to test the influential law and finance hypothesis. Our evidence suggests that there was not a close correlation between financial development and investor protection laws c.1900 and that the size of the UK's share market is a puzzle given the paucity of statutory investor protection. To illustrate that Britain was not unique in its approach to investor protection in this era, we examine investor protection laws across legal families c.1900.

中文翻译：

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1900 年英国的法律和金融

在本文中，我们使用对英国资本市场规模的新估计，研究了英国的金融发展和投资者保护法C.1900 年检验有影响力的法律和金融假设。我们的证据表明，金融发展与投资者保护法之间没有密切的相关性C.1900 并且由于缺乏法定投资者保护，英国股票市场的规模令人困惑。为了说明英国在这个时代的投资者保护方法并不是独一无二的，我们研究了跨合法家庭的投资者保护法C.1900。