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Shareholder Protection: A Leximetric Approach

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  • PRIYA P. LELE

    ()
    (University of Cambridge)

  • MATHIAS M. SIEMS

    (University of Cambridge)

Abstract

In this article we build a new and meaningful shareholder protection index for five countries and code the development of the law for over three decades. This quantification of legal rules (“leximetricsâ€) provides interesting possibilities for comparing variations across time series and across legal systems. For instance, our study finds, that in all of our panel countries shareholder protection has been improving in the last three decades; that the protection of minority against majority shareholders is considerably stronger in “blockholder countries†as compared to the non-blockholder countries and that convergence in shareholder protection is taking place since 1993 and is increasing since 2001. Finally, our examination of the legal differences between the five countries does not confirm the distinction between common law and civil law countries

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Bibliographic Info

Paper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2006 with number 170.

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Date of creation: 02 Feb 2007
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Handle: RePEc:mmf:mmfc06:170

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Keywords: Shareholder protection; leximetrics; numerical comparative law; law and;

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