Investor protection and equity markets

• 成果类型: Article
• 署名作者: Shleifer, A; Wolfenzon, D
• 署名单位: Harvard University; New York University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(02)00149-6
• 发表日期: 2002
• 页码: 3-27
• 关键词: investor protection; Ownership structure; financial systems

摘要

We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Becker's (J. Political Econ. 106 (1968) 172) crime and punishment framework into a corporate finance environment of Jensen and Meckling (J. Financial Econ. 3 (1976) 305). We examine the entrepreneur's decision and the market equilibrium. The model is consistent with a number of empirical regularities concerning the relation between investor protection and corporate finance. It also sheds light on the patterns of capital flows between rich and poor countries and on the politics of reform of investor protection. (C) 2002 Elsevier Science B.V. All rights reserved.