Does Limited Liability Matter? Evidence from Nineteenth-Century British Banking1

Social Sciences

• limited liability 100%
• liquidity 87%
• nineteenth century 60%
• liability 57%
• shareholder 50%
• liability rule 30%
• evidence 26%
• banking 22%
• corporation 18%
• costs 11%

Business & Economics

• Limited Liability 80%
• Liability 54%
• Liquidity 50%
• Shareholders 32%
• Liability Rules 30%
• Organizational Form 22%
• Enforcement 19%
• Banking 16%
• Costs 8%