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Law and finance-英文文献
Law and Finance
Rafael La Porta, Florencio Lopez-de-Silanes,
and Andrei Shleifer
Harvard University
Robert W. Vishny
University of Chicago
This paper examines legal rules covering protection of corporate
shareholders and creditors, the origin of these rules, and the qual-
ity of their enforcement in 49 countries. The results show that
common-law countries generally have the strongest, and French-
civil-law countries the weakest, legal protections of investors, with
German- and Scandinavian-civil-law countries located in the mid-
dle. We also find that concentration of ownership of shares in the
largest public companies is negatively related to investor protec-
tions, consistent with the hypothesis that small, diversified share-
holders are unlikely to be important in countries that fail to protect
their rights.
I. Overview of the Issues
In the traditional finance of Modigliani and Miller (1958), securities
are recognized by their cash flows. For example, debt has a fixed
promised stream of interest payments, whereas equity entitles its
We are grateful to Mark Chen, Steven Friedman, Magdalena Lopez-Morton, and
Katya Zhuravskaya for excellent research assistance; to Robert Barro, Eric Berglof,
Bernard Black, Bertyl G. Bylund, Francesco DeNozza, Yoshikata Fukui, Edward
Glaeser, Zvi Griliches, Oliver Hart, Martin Hellwig, James Hines, Louis Kaplow,
Raghu Rajan, Roberta Romano, Rolf Skog, Eddy Wymeersch, Luigi Zingales, and
three anonymous referees for comments; and to the National Science Foundation
for financial support of this research. Documentation of the data on legal rules
presented in this paper is available from the authors on request.
[Journal of Political Economy, 1998, vol. 106, no. 6]
1998 by The University of Chicago. All rights reserved. 0022-3808/98/0606-0006$02.50
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