Chapters 3 and 4 examine the role of law and informal rules in the financial sector. Examines entrepreneurial finance in Japan, focusing on how the institutional environment associated with Japanese corporate governance in its post‐war heyday created problems for start‐up firms by handicapping the development of an active venture capital market. Bubbles notwithstanding, the maturation and dynamism of the venture capital market in the 1990s was one of the signal economic successes of the US in recent years. Not surprisingly, Japan has looked enviously at Silicon Valley. The search for an institutional structure supportive of entrepreneurial finance in Japan has motivated substantial corporate law reform over the past five years.
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