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Abstract

This paper analyses a longitudinal dataset on legal protection of shareholders over a 36 year period, 1970-2005 for four advanced countries, UK, France, Germany and the US. It examines two aspects of the legal origin hypothesis - whether shareholder protection is higher in the common law countries UK and USA than in the civil law countries France and Germany and whether shareholder protection matters for stock market development in the short and long runs. It also examines the ‘causation’ issue and the ‘endogeneity’ problem- whether greater shareholder protection leads to stock market development or whether stock market development leads to changes in law. The paper casts serious doubt on the validity of the basic theses of the Anglo Saxon legal and developmental model.



Item Type: MPRA Paper -

Original Title: Law, Finance and Development: Further Analyses of Longitudinal Data-

Language: English-

Keywords: Shareholder protection, Corporate Governance, Stock market development, Law and Finance-

Subjects: K - Law and Economics > K4 - Legal Procedure, the Legal System, and Illegal Behavior > K40 - GeneralK - Law and Economics > K2 - Regulation and Business Law > K22 - Business and Securities LawG - Financial Economics > G3 - Corporate Finance and Governance > G38 - Government Policy and RegulationG - Financial Economics > G3 - Corporate Finance and Governance > G30 - General-





Autor: Sarkar, Prabirjit

Fuente: https://mpra.ub.uni-muenchen.de/39060/



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