Shareholder Protection: A Leximetric Approach
AbstractIn 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 (â€œleximetricsâ€) 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 â€œblockholder countriesâ€ 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
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Money Macro and Finance Research Group in its series Money Macro and Finance (MMF) Research Group Conference 2006 with number 170.
Date of creation: 02 Feb 2007
Date of revision:
Contact details of provider:
Web page: http://www.essex.ac.uk/afm/mmf/index.html
Shareholder protection; leximetrics; numerical comparative law; law and;
Other versions of this item:
- Mathias Siems & Priya Lele, 2006. "Shareholder Protection: A Leximetric Approach," ESRC Centre for Business Research - Working Papers wp324, ESRC Centre for Business Research.
- G00 - Financial Economics - - General - - - General
- G30 - Financial Economics - - Corporate Finance and Governance - - - General
- G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Marco Pagano & Paolo F. Volpin, 2005.
"The Political Economy of Corporate Governance,"
American Economic Review,
American Economic Association, vol. 95(4), pages 1005-1030, September.
- Pagano, Marco & Volpin, Paolo, 2001. "The Political Economy of Corporate Governance," CEPR Discussion Papers 2682, C.E.P.R. Discussion Papers.
- Marco Pagano & Paolo Volpin, 1999. "The Political Economy of Corporate Governance," CSEF Working Papers 29, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Jul 2005.
- Katharina Pistor & Martin Raiser & Stanislav Gelfer, 2000. "Law and finance in transition economies," Working Papers 48, European Bank for Reconstruction and Development, Office of the Chief Economist.
- Axel v. Werder & Till Talaulicar & Georg L. Kolat, 2005. "Compliance with the German Corporate Governance Code: an empirical analysis of the compliance statements by German listed companies," Corporate Governance: An International Review, Wiley Blackwell, vol. 13(2), pages 178-187, 03.
- Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer, .
"What Works in Securities Laws?,"
19491, Harvard University OpenScholar.
- Erik Berglof & Ernst-Ludwig von Thadden, 1999.
"The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries,"
William Davidson Institute Working Papers Series
263, William Davidson Institute at the University of Michigan.
- Erik BERGLÖF & Ernst-Ludwig VON THADDEN, 1999. "The Changing Corporate Governance Paradigm : Implications for Transition and Developing Countries," Cahiers de Recherches Economiques du DÃ©partement d'EconomÃ©trie et d'Economie politique (DEEP) 9912, Université de Lausanne, Faculté des HEC, DEEP.
- Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 8(2), pages 325-368, July.
- Roberta Romano, 2004. "The Sarbanes-Oxley Act and the Making of Quack Corporate Governance," Yale School of Management Working Papers amz2653, Yale School of Management, revised 01 Jul 2005.
- Cheffins, Brian R, 2001. "Does Law Matter? The Separation of Ownership and Control in the United Kingdom," The Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 459-84, Part I Ju.
- Lucian Bebchuk & Alma Cohen, 2004.
"The Costs of Entrenched Boards,"
NBER Working Papers
10587, National Bureau of Economic Research, Inc.
- Lucian Bebchuk, . "The Costs of Entrenched Boards," American Law & Economics Association Annual Meetings 1091, American Law & Economics Association.
- Roe, Mark J, 2002. "Corporate Law's Limits," The Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 233-71, June.
- Enriques Luca, 2004. "The Mandatory Bid Rule in the Takeover Directive: Harmonization Without Foundation?," European Company and Financial Law Review, De Gruyter, vol. 1(4), pages 440-457, December.
- Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University.
- Tom Ginsburg & Robert Cooter, . "Leximetrics: Why the Same Laws are Longer in Some Countries than Others," American Law & Economics Association Annual Meetings 1080, American Law & Economics Association.
- Khanna, Tarun, 2000. "Business groups and social welfare in emerging markets: Existing evidence and unanswered questions," European Economic Review, Elsevier, vol. 44(4-6), pages 748-761, May.
This item has more than 25 citations. To prevent cluttering this page, these citations are listed on a separate page. reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Christopher F. Baum).
If references are entirely missing, you can add them using this form.