Based on 412 control transactions between 1990 and 2000 we construct a measure of the private benefits of control in 39 countries. We find that the value of control ranges between –4% and +65%, with an average of 14%. As predicted by theory, in countries where private benefits of control are...

We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term...

Corporate Governance relates to mechanisms through which providers of resources to the firm get their share of resources in return. Adequate governance practices help develop capital markets and assist market forces in attaining efficient contracts. Convincing evidence exists that well developed...

This paper studies the impact of regulation on IPO markets using historical data. Regulatory interventions have different effects on the development of public equity markets under different conditions. Studying the whole population of 879 Italian IPOs from the unification of Italy (1861) through...

Abstract This study re–examines the theory of legal–origin on the basis of a new longitudinal dataset for four OECD countries (UK, USA, France and Germany) over a long time span 1970–2005. It observes that the civil law countries (France and Germany) provided better minority shareholder...

This study re-examines the theory of legal-origin on the basis of a new longitudinal dataset for four OECD countries (UK, USA, France and Germany) over a long time span 1970-2005. It observes that the civil law countries (France and Germany) provided better minority shareholder protection and...

(VF)Cet article propose d’évaluer les relations entre les réformes en matière de gouvernance d’entreprise et la réorganisation du système financier en France. L’objectif est de discuter la thèse selon laquelle il existe une relation forte et stable entre tradition juridique, niveau...

There remains strong support in law and economics for three important Coasian positions: law does not matter; law matters but their institutions adapt to allow efficient private contracts; and finally, while law matters and domestic institutions cannot adapt enough, firms and individuals can...

The World Bank reports « Doing business » (2004, 2005 and 2006), referring to the main assumptions and findings of the « law and finance » theory, predict that the common law system provides better basis for financial development and economic growth than French origin civil law. This paper...

This paper belongs to the growing body of the ?Law and finance) literature based on timeseries study. It carries out an empirical investigation of the role of corporate governance in financial development. We focus on French corporate governance reforms in order to examine whether these reforms...