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Shareholder, Creditor and Worker Protection: Time Series Evidence about the Differences between French, German, Idian, UK and US Law

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  • Mathias Siems

Abstract

This paper uses a new quantitative methodology ("numerical comparative law", "leximetrics") in order to answer the questions whether there has been convergence, divergence or persistence of legal rules, and how this relates to the Common Law/Civil Law distinction. It is based on indices for shareholder, creditor, and worker protection which code the legal development of France, Germany, India, the UK and the US from 1970 to 2005. The main result is that one has to distinguish between different areas of law: the laws have converged in shareholder protection, they have diverged in worker protection and in creditor protection converging and diverging trends even out. These results do not depend on the the distinction between Civil Law and Common Law countries because there have been a number of instances where countries of different legal families have converged and countries of the same legal family have diverged.

Suggested Citation

  • Mathias Siems, 2009. "Shareholder, Creditor and Worker Protection: Time Series Evidence about the Differences between French, German, Idian, UK and US Law," Working Papers wp381, Centre for Business Research, University of Cambridge.
    • Handle: RePEc:cbr:cbrwps:wp381
    Note: PRO-2
    as

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    References listed on IDEAS

    as
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    3. repec:ces:ifodic:v:4:y:2006:i:3:p:14567475 is not listed on IDEAS
    4. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2009. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 6(2), pages 343-380, June.
    5. Priya P. Lele & Mathias M. Siems, 2009. "Shareholder Protection: A Leximetric Approach," Chapters, in: Thankom Gopinath Arun & John Turner (ed.), Corporate Governance and Development, chapter 10, Edward Elgar Publishing.
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    shareholder protection; creditor protection; worker protection; comparative law; legal convergence; numerical comparative law; leximetrics;
    All these keywords.

    JEL classification:

    • G30 - Financial Economics - - Corporate Finance and Governance - - - General
    • K00 - Law and Economics - - General - - - General (including Data Sources and Description)
    • K12 - Law and Economics - - Basic Areas of Law - - - Contract Law
    • K31 - Law and Economics - - Other Substantive Areas of Law - - - Labor Law
    • N20 - Economic History - - Financial Markets and Institutions - - - General, International, or Comparative
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative
    • P50 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - General

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