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One of Man s Greatest Inventions? Historical Insights into Limited Liability

Limited liability, the ability to walk away from certain debts, is seen as one of the hallmarks of modern economics. In 2016, the Economist argued it is one of man’s greatest inventions that encourages investment by limiting peopl... ver más

31/08/2026

EUR

2M€

Presupuesto del proyecto: 2M€

Líder del proyecto

ERASMUS UNIVERSITEIT ROTTERDAM No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

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Financiación concedida El organismo H2020 notifico la concesión del proyecto el día 2021-04-02

ERC-2020-COG: ERC CONSOLIDATOR GRANTS Scope:Objectives

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2 Participantes

EUR

1.64M€ | Lider

MACSA ID

160.80K€ | Participante

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Duración del proyecto: 64 meses Fecha Inicio: 2021-04-02
Fecha Fin: 2026-08-31

Líder del proyecto

ERASMUS UNIVERSITEIT ROTTERDAM No se ha especificado una descripción o un objeto social para esta compañía.

TRL 4-5

Presupuesto del proyecto 2M€

Fecha límite de participación Sin fecha límite de participación.

Descripción del proyecto Limited liability, the ability to walk away from certain debts, is seen as one of the hallmarks of modern economics. In 2016, the Economist argued it is one of man’s greatest inventions that encourages investment by limiting people’s downside risk. Nevertheless, it has shortcomings. In the extreme, if people never have to own up to their debts, no-one would ever be willing to lend to them. In other words, there appears to be a trade-off. In this research program I theoretically and empirically investigate this trade-off in the context of entrepreneurs, (non-financial) companies and banks. The central research question I ask is: What is the optimal level of limited liability that spurs economic activity? Empirically, we know surprisingly little. In today’s world there is little variation in limited liability within a country and it is hard to make comparisons if the regime is the same for everyone. There are large differences between countries, but these may reflect deeper economic, cultural or institutional differences. In this research program I use the 19th and early 20th century as a laboratory. During this time period rules on limited liability were introduced for the first time and subsequently underwent large changes. This provides a unique opportunity to study the effects of limited liability. I focus on three areas where limited liability plays a key role. In the context of entrepreneurship, I analyze the impact of limited liability on patenting, the introduction of new technologies and, by looking at migration decisions, the best liability system in the eyes of entrepreneurs themselves. In the context of (non-financial) firms, I study the valuation and entry of firms who obtain (the option of) limited liability for their shareholders. In the context of banking, I look at the link between managers’ liability and their risk taking, and how liability rules affect financial fragility (in the form of bank runs) and the overall provision of credit in the economy

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