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How Does Corporate Law Matter? ‘Law and Finance’ and Beyond

Pacces, Alessio M. - 2013

This chapter discusses the law and finance scholarship, from its beginning to its developments into legal research and policymaking. The key issue of the importance of law for finance is illustrated along with the controversy on the law matters proposition. The focus of the chapter, however, is...

Persistent link: https://www.econbiz.de/10013082456

Empirical Analysis of Legal Institutions and Institutional Change : Multiple-Methods Approaches and Their Application to Corporate Governance Research

Buchanan, John - 2014

The claim that institutions matter for economic growth and development has so far received a more extensive theoretical treatment than an empirical or methodological one. Basing our approach on a coevolutionary conception of relations between law and the economy, we link theory to method and...

Persistent link: https://www.econbiz.de/10013058956

Private benefits of control, growth opportunities and investor protection

Xiao, Min; You, Jiaxing - In: China journal of accounting research : CJAR 2 (2009) 1, pp. 123-145

We develop a model to illustrate that controlling shareholders choose the level of investor protection that maximizes … their own interests. Controlling shareholders in companies with complicated control structures can easily extract private …, controlling shareholders in companies with valuable growth opportunities are willing to improve investor protection so that they …

Persistent link: https://www.econbiz.de/10011823427

Law and Financial Development : What We are Learning from Time-Series Evidence

Armour, John - 2010

The legal origins hypothesis is one of the most important and influential ideas to emerge in the social sciences in the past decade. However, the empirical base of the legal origins claim has always been contestable, as it largely consists of cross-sectional datasets which provide evidence on...

Persistent link: https://www.econbiz.de/10013146144

Financial systems : importance, differences and convergence

Schmidt, Reinhard H.; Hryckiewicz, Aneta - 2006

This paper provides an overview of conceptual issues and recent research findings concerning the structure and the role of financial systems and an introduction into the new research area of comparative financial systems. The authors start by pointing out the importance of financial systems in...

Persistent link: https://www.econbiz.de/10010376187

The Impact of CEO Long-Term Equity-Based Compensation Incentives on Economic Growth in Collectivist Versus Individualist Countries

Campbell, Cynthia J. - 2016

This study examines the impact of the prevalence of long-term equity-based CEO compensation incentives on GDP growth, and we address the moderating role of individualist versus collectivist cultures on this relationship. We argue long-term incentives given to CEOs in some firms may convey to...

Persistent link: https://www.econbiz.de/10013003305

Why Does the Law Matter? Investor Protection and its Effects on Investment, Finance, and Growth

McLean, R. David - 2013

Investor protection is associated with greater investment-sensitivity to q and lower investment-sensitivity to cash flow. Finance plays a role in causing these effects; in countries with strong investor protection external finance increases more strongly with q, and declines more strongly with...

Persistent link: https://www.econbiz.de/10013094005

Lobbying on entry

Perotti, Enrico C.; Volpin, Paolo - 2004

We develop a model of endogenous lobby formation in which wealth inequalityand political accountability undermine entry and financial development. In-cumbents seek a low level of effective investor protection to prevent potentialentrants from raising capital. They succeed because they can...

Persistent link: https://www.econbiz.de/10011338011

Making stock markets work to support economic growth : implications for governments, regulators, stock exchanges, corporate issuers and their investors

Weild, David; Kim, Edward; Newport, Lisa - 2013

This study provides critical observations on the state of key global equity markets as recent developments have put into question their efficiency and effectiveness in facilitating capital formation. It covers the top 26 initial public offering (IPO) producing nations, with a particular focus on...

Persistent link: https://www.econbiz.de/10009775530

Law and finance: common-law and civil-law countries compared

Graff, Michael (contributor) - 2005

The "law and finance theory" is an ambitious and fascinating attempt to combine insights from the theory of corporate finance, institutional economics, legal and economic history as well as the recent studies on the determinants of economic growth into an encompassing theory, thereby filling...

Persistent link: https://www.econbiz.de/10002746139

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