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Trend of Legal Globalisation and Stock Market Development

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  • Sarkar, Prabirjit

Abstract

The purpose of this paper is to analyze some leximetric data for a number of developed and less developed countries hitherto unavailable to examine (i) the changing state of shareholder protection and (ii) its connection with stock market development and capital accumulation. It finds a strong evidence of legal globalisation but no evidence of its favourable link with stock market development and capital formation.

Suggested Citation

  • Sarkar, Prabirjit, 2007. "Trend of Legal Globalisation and Stock Market Development," MPRA Paper 5051, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:5051
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    References listed on IDEAS

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    1. Rafael La Porta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, 1998. "Law and Finance," Journal of Political Economy, University of Chicago Press, vol. 106(6), pages 1113-1155, December.
    2. Sonja Fagernäs & Prabirjit Sarkar & Ajit Singh, 2008. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," Chapters,in: The Economics of Corporate Governance and Mergers, chapter 2 Edward Elgar Publishing.
    3. Djankov, Simeon & La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei, 2008. "The law and economics of self-dealing," Journal of Financial Economics, Elsevier, vol. 88(3), pages 430-465, June.
    4. Mathias Siems & Priya Lele, 2006. "Shareholder Protection: A Leximetric Approach," Working Papers wp324, Centre for Business Research, University of Cambridge.
    5. Sarkar, Prabirjit, 2007. "Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India," MPRA Paper 5052, University Library of Munich, Germany.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    leximetrics; shareholder protection; globalisation;

    JEL classification:

    • K22 - Law and Economics - - Regulation and Business Law - - - Business and Securities Law
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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