Law and Finance

Florencio Lopez-de-Silane · Andrei Shleifer · Robert W. Vishny

104 citations0/0 files storedNational Bureau of Economic Research

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Corporate Finance and Governance Corporate Governance and Law Law, Economics, and Judicial Systems

Abstract

This paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries.The results show that common law countries generally have the best, and French civil law countries the worst, legal protections of investors, with German and Scandinavian civil law countries located in the middle.We also find that concentration of ownership of shares in the largest public companies is negatively related to investor protections, consistent with the hypothesis that small, diversified shareholders are unlikely to be important in countries that fail to protect their rights.

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References

1958The Cost of Capital, Corporation Finance and the Theory of Investment 2008The cost of capital, corporation finance and the theory of investment 1985The Structure of Corporate Ownership: Causes and Consequences 1995INSTITUTIONS AND ECONOMIC PERFORMANCE: CROSS‐COUNTRY TESTS USING ALTERNATIVE INSTITUTIONAL MEASURES 1995Firms, Contracts, and Financial Structure 1995What Do We Know about Capital Structure? Some Evidence from International Data 1998Why Do Companies Go Public? An Empirical Analysis 1988One share-one vote and the market for corporate control

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