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Shareholder Protection: A Leximetric Approach

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Author Info
PRIYA P. LELE () (University of Cambridge)
MATHIAS M. SIEMS (University of Cambridge)

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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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Publisher 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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Related research
Keywords: Shareholder protection; leximetrics; numerical comparative law; law and;

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Find related papers by JEL classification:
G00 - Financial Economics - - General - - - General
G30 - Financial Economics - - Corporate Finance and Governance - - - General
G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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References listed on IDEAS
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.:
  1. Roe, Mark J, 2002. "Corporate Law's Limits," Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 233-71, June.
  2. Katharina Pistor & Martin Raiser & Stanislaw Gelfer, 2000. "Law and Finance in Transition Economies," CID Working Papers 49, Center for International Development at Harvard University. [Downloadable!]
  3. Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, 02. [Downloadable!] (restricted)
    Other versions:
  4. Lucian Bebchuk & Alma Cohen, 2004. "The Costs of Entrenched Boards," NBER Working Papers 10587, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. 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. [Downloadable!]
    Other versions:
  6. 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. [Downloadable!] (restricted)
  7. Cheffins, Brian R, 2001. "Does Law Matter? The Separation of Ownership and Control in the United Kingdom," Journal of Legal Studies, University of Chicago Press, vol. 30(2), pages 459-84, Part I Ju.
  8. 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. [Downloadable!] (restricted)
  9. Bebchuk, Lucian A. & Cohen, Alma, 2005. "The costs of entrenched boards," Journal of Financial Economics, Elsevier, vol. 78(2), pages 409-433, November. [Downloadable!] (restricted)
  10. 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. [Downloadable!]
  11. 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, Blackwell Publishing, vol. 13(2), pages 178-187, 03. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," ESRC Centre for Business Research - Working Papers wp369, ESRC Centre for Business Research. [Downloadable!]
  2. Simon Deakin & Prabirjit Sarkar, 2008. "Assessing the Long-Run Economic Impact of Labour Law Systems: A Theoretical Reappraisal and Analysis of New Time Series Data," WEF Working Papers 0043, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
    Other versions:
  3. Sarkar, Prabirjit, 2007. "Stock Market Developments and Capital Accumulation in India: Does Better Shareholder Protection Matter?," MPRA Paper 4996, University Library of Munich, Germany. [Downloadable!]
  4. Sarkar, Prabirjit, 2007. "Capital Accumulation in Less Developed Countries: Does Stock Market Matter?," MPRA Paper 5053, University Library of Munich, Germany. [Downloadable!]
  5. Sonja Fagernas & Prabirjit Sarkar & Ajit Singh, 2007. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," WEF Working Papers 0023, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
    Other versions:
  6. Gregory James & Simon Deakin & Panicos Demetriades, 2009. "Creditor Protection and Banking System Development in India," Discussion Paper Series 2009_12, Department of Economics, Loughborough University, revised Aug 2009. [Downloadable!]
    Other versions:
  7. Prabirjit Sarkar, 2007. "Trend of Legal Globalisation and Stock Market Development," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Proceedings of the Conference on Globalization and Its Discontents, pages 120-130 Izmir University of Economics. [Downloadable!]
    Other versions:
  8. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2008. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," WEF Working Papers 0041, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
    Other versions:
  9. Prabirjit Sarkar, 2008. "Do the English Legal Origin Countries have more dispersed Share Ownership and more developed financial Systems?," ESRC Centre for Business Research - Working Papers wp375, ESRC Centre for Business Research. [Downloadable!]
    Other versions:
  10. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," WEF Working Papers 0042, ESRC World Economy and Finance Research Programme, Birkbeck, University of London. [Downloadable!]
  11. Neil Conway & Simon Deakin & Suzzanne J. Konzelmann & Héloïse Petit & Antoine Rebérioux & Frank Wilkinson, 2008. "The Influence of Stock Market Listing on Human Resource Managment: Evidence for France and Britain," ESRC Centre for Business Research - Working Papers wp366, ESRC Centre for Business Research. [Downloadable!]
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