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- 2017-06-30 发布于浙江
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Investor Protection and Corporate Valuation：（投资者保护和企业估值）
THE JOURNAL OF FINANCE • VOL. LVII, NO. 3 • JUNE 2002
Investor Protection and Corporate Valuation
RAFAEL LA PORTA, FLORENCIO LOPEZ-DE-SILANES,
ANDREI SHLEIFER, and ROBERT VISHNY*
ABSTRACT
We present a model of the effects of legal protection of minority shareholders and
of cash-flow ownership by a controlling shareholder on the valuation of firms. We
then test this model using a sample of 539 large firms from 27 wealthy economies.
Consistent with the model, we find evidence of hig
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