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A law-and-finance perspective on capital markets

In: Research Handbook on Global Capital Markets Law

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  • Mathias Siems

Abstract

The seminal paper by La Porta et al. on ‘Law and Finance’ empirically examined whether there is a causal link between high levels of shareholder protection and financial development. Subsequent studies by this ‘Law and Finance School’ also addressed many further legal topics. This chapter outlines the research by the Law and Finance School as far as it relates to capital markets. In addition, it considers empirical research by other scholars that also aims to explore the relationship between law and capital markets, in particular research that has been more specific in examining the causal factors of specific financial outcomes. Finally, this chapter identifies and discusses a number of common themes and, in doing so, also raises some doubts about the soundness of these studies.

Suggested Citation

  • Mathias Siems, 2023. "A law-and-finance perspective on capital markets," Chapters, in: Iris H.-Y. Chiu & Iain G. MacNeil (ed.), Research Handbook on Global Capital Markets Law, chapter 1, pages 12-25, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20368_1
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    Keywords

    Economics and Finance; Law - Academic;

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