What works in securities laws?

• 成果类型: Article
• 署名作者: La Porta, R; Lopez-De-Silanes, F; Shleifer, A
• 署名单位: Dartmouth College; University of Amsterdam; Harvard University
• 刊物名称: JOURNAL OF FINANCE
• ISSN/ISSBN: 0022-1082
• DOI: 10.1111/j.1540-6261.2006.00828.x
• 发表日期: 2006
• 页码: 1-32
• 关键词: MANDATORY DISCLOSURE; Investor protection; earnings management; MARKET; LEGAL; OWNERSHIP; INFORMATION; PRECONDITIONS; performance; rise

摘要

We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets.