Market standards in financial contracting: The Euro’s effect on debt securities
研究发现欧元引入后，欧元区企业发行债务证券时更倾向选择英国合同法，这主要源于跨境投资增加带来的标准化收益（网络效应），而非法律本身优劣或承销商因素。
The introduction of the Euro ushered in a rise to dominance of English contract law in European debt securities. Corporate issuers in the Euro zone chose English law significantly more often than a control group from other European countries. The Euro effect on choice of law is particularly strong for debt securities in local markets that, arguably, were most affected by the Euro. The Euro effect is not explained by differences in the suitability of English law compared to other laws, a change in issuer composition or debt securities types, and the greater market share of British and American underwriters. We argue that increased standardization benefits (network effects) from a boost in cross-border investment provide the best account of why English law conquered the European debt securities market.