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Law and Finance C. 1900
Musacchio, Aldo - 2010
development around the world today (La Porta et al, 1998, 1999 and passim). This paper examines the persistence of the effects of … variation observed in financial development around the world today is likely a product of events of the twentieth century rather …
Persistent link: https://www.econbiz.de/10013139896
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Investor Protection : Origins, Consequences, and Reform
La Porta, Rafael - 2008
Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations...
Persistent link: https://www.econbiz.de/10012774806
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Law and Finance
La Porta, Rafael - 2000
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...
Persistent link: https://www.econbiz.de/10012789111
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Investor Protection and Corporate Valuation
La Porta, Rafael; Lopez de Silanes, Florencio; … - 2021
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 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of...
Persistent link: https://www.econbiz.de/10013237249
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Serial Default and the "Paradox" of Rich to Poor Capital Flows
Reinhart, Carmen M. - 2012
Lucas (1990) argued that it was a paradox that more capital does not flow from rich countries to poor countries. He rejected the standard explanation of expropriation risk and argued that paucity of capital flows to poor countries must instead be rooted in externalities in human capital...
Persistent link: https://www.econbiz.de/10013116221
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World Income Components : Measuring and Exploiting International Risk Sharing Opportunities
Shiller, Robert J.; Athanasoulis, Stefano - 2021
We provide methods of decomposing the variance of world national incomes into components in such a way as to indicate … eigenvectors of a variance matrix of residuals produced when country incomes are regressed on world income. Another method uses a … matrix of deviations of country incomes from their respective contract-year shares of world income. The two methods are …
Persistent link: https://www.econbiz.de/10013224942
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Legal Investor Protection and Takeovers
Burkart, Mike - 2011
We study the role of legal investor protection for the efficiency of the market for corporate control. Stronger legal investor protection limits the ease with which an acquirer, once in control, can extract private benefits at the expense of non-controlling investors. This, in turn, increases...
Persistent link: https://www.econbiz.de/10013125583
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Investor Protection and Interest Group Politics
Bebchuk, Lucian A.; Neeman, Zvika - 2021
explain existing empirical evidence, regarding the way in which investor protection varies over time and around the world …
Persistent link: https://www.econbiz.de/10013311952
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Evidence of Differences in the Effectiveness of Safety-Net Management in European Union Countries
Carbo-Valverde, Santiago - 2010
EU financial safety nets are social contracts that assign uncertain benefits and burdens to taxpayers in different member countries. To help national officials to assess their taxpayers' exposures to loss from partner countries, this paper develops a way to estimate how well markets and...
Persistent link: https://www.econbiz.de/10012759547
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Sovereign Debt in Latin America, 1820-1913
della Paolera, Gerardo - 2012
This paper examines sovereign lending to Latin America and the Caribbean from 1820 to 1913. We examine four waves of capital flows where defaults were followed by a return to market access. In spite of extended default, countries kept promising high returns that attracted international investors...
Persistent link: https://www.econbiz.de/10013100987