The law and economics of self-dealing

• 成果类型: Article; Proceedings Paper
• 署名作者: Djankov, Simeon; La Porta, Rafael; Lopez-de-Silanes, Florencio; Shleifer, Andrei
• 署名单位: Harvard University; The World Bank; Dartmouth College
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.02.007
• 发表日期: 2008
• 页码: 430-465
• 关键词: CORPORATE GOVERNANCE; financial development

摘要

We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, that govern a specific self-dealing transaction. This theoretically grounded index predicts a variety of stock market outcomes, and generally works better than the previously introduced index of anti-director rights. (C) 2008 Elsevier B.V. All rights reserved.