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International Corporate Differences: Markets Or Law?

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  • Frank H. Easterbrook
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    Abstract

    Current differences in international corporate ownership and governance systems reflect primarily differences in the efficiency of capital markets, not differences in corporate law. Law is an output of this process, not an input. In countries where financial markets are more efficient, there is both less law and greater investor protection. 1997 Morgan Stanley.

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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1745-6622.1997.tb00621.x
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    Bibliographic Info

    Article provided by Morgan Stanley in its journal Journal of Applied Corporate Finance.

    Volume (Year): 9 (1997)
    Issue (Month): 4 ()
    Pages: 23-30

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    Handle: RePEc:bla:jacrfn:v:9:y:1997:i:4:p:23-30

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    Web page: http://www.blackwellpublishing.com/journal.asp?ref=1078-1196

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    Cited by:
    1. Marco Becht, 1999. "European corporate governance: trading off liquidity against control," ULB Institutional Repository 2013/13314, ULB -- Universite Libre de Bruxelles.
    2. Simon Johnson & Andrei Shleifer, 2000. "Coase And Corporate Governance In Latin America," Abante, Escuela de Administracion. Pontificia Universidad Católica de Chile., vol. 2(2), pages 113-131.
    3. Koen, Carla I., 2004. "The dialectics of globalization: what are the effects for management and organization in Germany and Japan," Research in International Business and Finance, Elsevier, vol. 18(2), pages 173-197, June.
    4. Becht, Marco & Bolton, Patrick & Roell, Ailsa, 2003. "Corporate governance and control," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 1, pages 1-109 Elsevier.
    5. Edward Stringham & Peter Boettke, 2006. "The failings of legal centralism for helping stock markets in transition," Politická ekonomie, University of Economics, Prague, vol. 2006(1), pages 22-34.

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