Legal Determinants of External Finance

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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Year of publication:	1997-01
Authors:	La Porta, Rafael ; Lopez-de-Silanes, Florencio ; Shleifer, Andrei ; Vishny, Robert W.
Institutions:	National Bureau of Economic Research (NBER)

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Extent:	application/pdf
Series:	NBER Working Papers.
Type of publication:	Book / Working Paper
Notes:	CF published as Journal of Finance, Vol. 52, no. 3 (1997): 1131-1150. Number 5879
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10005830562