Shareholder, Creditor and Worker Protection: Time Series Evidence about the Differences between French, German, Idian, UK and US Law
AbstractThis paper uses a new quantitative methodology ("numerical comparative law", "leximetrics") in order to answer the questions whether there has been convergence, divergence or persistence of legal rules, and how this relates to the Common Law/Civil Law distinction. It is based on indices for shareholder, creditor, and worker protection which code the legal development of France, Germany, India, the UK and the US from 1970 to 2005. The main result is that one has to distinguish between different areas of law: the laws have converged in shareholder protection, they have diverged in worker protection and in creditor protection converging and diverging trends even out. These results do not depend on the the distinction between Civil Law and Common Law countries because there have been a number of instances where countries of different legal families have converged and countries of the same legal family have diverged.
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Bibliographic InfoPaper provided by ESRC Centre for Business Research in its series ESRC Centre for Business Research - Working Papers with number wp381.
Date of creation: Mar 2009
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shareholder protection; creditor protection; worker protection; comparative law; legal convergence; numerical comparative law; leximetrics;
Find related papers by JEL classification:
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- K00 - Law and Economics - - General - - - General (including Data Sources and Description)
- K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
- K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
- N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
- N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
- P50 - Economic Systems - - Comparative Economic Systems - - - General
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