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Shareholder protection and stock market development: An empirical test of the legal origins hypothesis

Abstract:

Using a panel data set covering a range of developed and developing countries, we show that common‐law systems were more protective of shareholder interests than civil‐law ones in the period 1995–2005. However, civilian systems were catching up, suggesting that legal origin was not much of an obstacle to formal convergence in shareholder protection law. We find no evidence of a positive impact of these legal changes on stock market development. Possible explanations are that laws have been ov...

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Publication status:
Published
Peer review status:
Peer reviewed

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Institution:
University of Oxford
Oxford college:
Oriel College
Role:
Author
Publisher:
Wiley
Journal:
Journal of Empirical Legal Studies More from this journal
Volume:
6
Issue:
2
Pages:
343-380
Publication date:
2009-06-05
DOI:
EISSN:
1740-1461
ISSN:
1740-1453
Keywords:
Pubs id:
pubs:347813
UUID:
uuid:8ca92394-c1cd-47a3-aecf-8c9f60151567
Local pid:
pubs:347813
Source identifiers:
347813
Deposit date:
2017-01-18

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