Legal lists originated in England in the eighteenth century as a list of assets for which, if they earned poor or negative returns, a trustee could not be held liable.
State legal lists could be used to resolve the principal-agent dilemma, but it is also plausible that they could be a means by which states coerce the plans they sponsor to invest only in state approved assets.
H6: The existence of a legal list (List) will result in a lower percentage of assets being placed in particular types of investments than would otherwise be the case.
More extensive compilations of legal lists
can be found on the Internet, provided by Lyonette Louis-Jacques of the University of Chicago at www.
In some cases, the prudent person standard is supplemented with legal lists
specifying the allowed types of investments and the maximum percentage of assets that can be invested in certain securities.
Socalled legal lists
of permissible institutional investments were compiled; stocks were not included.
Who's Who Legal lists
only the leading practitioners in each field, based exclusively on the findings of an independent six-month research process.
Thankfully, the days of legal lists
of prohibited investments are gone, but the expectations for trustees have markedly increased.
A Book of Legal Lists is thoroughly enjoyable and tailor-made for those of us whose free time comes in small packages.
Obviously, A Book of Legal Lists is light reading, although Schwartz cannot hide his scholarship.
LegalMinds includes archives of some of the most lively and highly trafficked legal lists
on the Internet.