Law and Finance
AbstractThis paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that commonÃ¢â¬law countries generally have the strongest, and french civil law countries the weakest, legal protections of investors, with GermanÃ¢â¬-and ScandinavianÃ¢â¬-civilÃ¢â¬law countries located in the middle. We also find that concentration of ownership of shares in the largest public companies is negatively related to investor protections, consistent with the hypothesis that small, diversified shareÃ¢â¬holders are unlikely to be important in countries that fail to protect their rights.
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Bibliographic InfoPaper provided by Harvard - Institute of Economic Research in its series Harvard Institute of Economic Research Working Papers with number 1768.
Date of creation: 1996
Date of revision:
Other versions of this item:
- Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
- La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
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