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postgraduate thesis: The place of law : institutional influences on financial sector agglomeration and location choice
Title | The place of law : institutional influences on financial sector agglomeration and location choice |
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Authors | |
Advisors | |
Issue Date | 2017 |
Publisher | The University of Hong Kong (Pokfulam, Hong Kong) |
Citation | Lejot, P.. (2017). The place of law : institutional influences on financial sector agglomeration and location choice. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. |
Abstract | Causal relationships between the nature of law and the functioning of financial systems have been theorised or observed since the mid-1990s. No such connection has been drawn with financial centre development, despite survey evidence of how commercial actors value the rule of law, and scholars in non-legal disciplines claiming that it may influence the growth or decay of major centres of finance. This study proposes an explanation in commercial law for clustering behaviour by financial intermediaries, and thus for the development of substantive financial hubs.
"The Place of Law" is concerned with how law affects exchange within professional financial markets. It considers whether institutional incentives guide the location choices of intermediaries and encourage competitors to cluster together. To the extent that Hong Kong, for example, is host to banking or equity market activity more than warranted by its domestic economy or to a markedly different extent than neighbouring Macau, has the law in some way led to this result?
Contracts made in organised financial markets have been shown as having commercial implications extending beyond the parties engaged in the exchange, and while markets are essentially agglomerations of bilateral contracts, they function in a more complex legal manner, not only due to external law and regulation but from entrenched rules of conduct to which participants typically adhere, in part due to concerns as to enforcement and contractual completeness. This study will argue further that clustering assists facilitative social connectivity and reciprocity, and helps foster reputational capital, which are important resources when intermediaries compete for business and execute transactions.
The study contains two innovations, first, using considerations of commercial law and financial practice to address a theoretical gap in the legal origins scholarship; second, characterising financial centres as agglomerations of activity that sustain real qualities and resources. It is able as a result to consider financial centres in relation to the operation of formal and customary law. Succeeding chapters will show relational contract theory as a faithful characterisation of exchange within organised markets, and employ it to connect accepted concepts of the rule of law with market formation and by extension to financial sector agglomeration.
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Degree | Doctor of Philosophy |
Subject | Commercial law Financial services industry |
Dept/Program | Law |
Persistent Identifier | http://hdl.handle.net/10722/295622 |
DC Field | Value | Language |
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dc.contributor.advisor | Arner, DW | - |
dc.contributor.advisor | Liu, Q | - |
dc.contributor.author | Lejot, Paul | - |
dc.date.accessioned | 2021-02-02T03:05:17Z | - |
dc.date.available | 2021-02-02T03:05:17Z | - |
dc.date.issued | 2017 | - |
dc.identifier.citation | Lejot, P.. (2017). The place of law : institutional influences on financial sector agglomeration and location choice. (Thesis). University of Hong Kong, Pokfulam, Hong Kong SAR. | - |
dc.identifier.uri | http://hdl.handle.net/10722/295622 | - |
dc.description.abstract | Causal relationships between the nature of law and the functioning of financial systems have been theorised or observed since the mid-1990s. No such connection has been drawn with financial centre development, despite survey evidence of how commercial actors value the rule of law, and scholars in non-legal disciplines claiming that it may influence the growth or decay of major centres of finance. This study proposes an explanation in commercial law for clustering behaviour by financial intermediaries, and thus for the development of substantive financial hubs. "The Place of Law" is concerned with how law affects exchange within professional financial markets. It considers whether institutional incentives guide the location choices of intermediaries and encourage competitors to cluster together. To the extent that Hong Kong, for example, is host to banking or equity market activity more than warranted by its domestic economy or to a markedly different extent than neighbouring Macau, has the law in some way led to this result? Contracts made in organised financial markets have been shown as having commercial implications extending beyond the parties engaged in the exchange, and while markets are essentially agglomerations of bilateral contracts, they function in a more complex legal manner, not only due to external law and regulation but from entrenched rules of conduct to which participants typically adhere, in part due to concerns as to enforcement and contractual completeness. This study will argue further that clustering assists facilitative social connectivity and reciprocity, and helps foster reputational capital, which are important resources when intermediaries compete for business and execute transactions. The study contains two innovations, first, using considerations of commercial law and financial practice to address a theoretical gap in the legal origins scholarship; second, characterising financial centres as agglomerations of activity that sustain real qualities and resources. It is able as a result to consider financial centres in relation to the operation of formal and customary law. Succeeding chapters will show relational contract theory as a faithful characterisation of exchange within organised markets, and employ it to connect accepted concepts of the rule of law with market formation and by extension to financial sector agglomeration. | - |
dc.language | eng | - |
dc.publisher | The University of Hong Kong (Pokfulam, Hong Kong) | - |
dc.relation.ispartof | HKU Theses Online (HKUTO) | - |
dc.rights | The author retains all proprietary rights, (such as patent rights) and the right to use in future works. | - |
dc.rights | This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License. | - |
dc.subject.lcsh | Commercial law | - |
dc.subject.lcsh | Financial services industry | - |
dc.title | The place of law : institutional influences on financial sector agglomeration and location choice | - |
dc.type | PG_Thesis | - |
dc.description.thesisname | Doctor of Philosophy | - |
dc.description.thesislevel | Doctoral | - |
dc.description.thesisdiscipline | Law | - |
dc.description.nature | published_or_final_version | - |
dc.date.hkucongregation | 2018 | - |
dc.identifier.mmsid | 991044340095603414 | - |