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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.
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Suggested Citation

  • RAFAEL LaPORTA & FLORENCIO LOPEZ-de-SILANES & ANDREI SHLEIFER & ROBERT W. VISHNY, "undated". "Legal Determinants of External Finance,"," CRSP working papers 324, Center for Research in Security Prices, Graduate School of Business, University of Chicago.
    • Handle: RePEc:wop:chispw:324
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    JEL classification:

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

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