In this Article, I seek to understand why the United States and United Kingdom take such different approaches to the taxation of corporate income. Generally, the U.S. has taxed corporate income twice and the U.K. only once. In the last several years, however, both countries have undertaken major...

The "law matters" thesis implies countries will not develop a robust stock market or diffuse corporate ownership structures unless laws are in place that curtail the extraction of private benefits of control by large shareholders and address information asymmetries from which outside investors...