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Legal Determinants of External Finance

Author

Listed:
  • Rafael LaPorta
  • Florencio Lopez-de-Silanes
  • Andrei Shleifer
  • Robert W. Vishny

Abstract

Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, "undated". "Legal Determinants of External Finance," Working Paper 19443, Harvard University OpenScholar.
    • Handle: RePEc:qsh:wpaper:19443
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    File URL: http://scholar.harvard.edu/shleifer/node/19443
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    JEL classification:

    • G - Financial Economics
    • E - Macroeconomics and Monetary Economics

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