Legal determinants of external finance
成果类型：
Article; Proceedings Paper
署名作者：
LaPorta, R; LopezDeSilanes, F; Shleifer, A; Vishny, RM
署名单位：
University of Chicago
刊物名称：
JOURNAL OF FINANCE
ISSN/ISSBN：
0022-1082
DOI：
10.1111/j.1540-6261.1997.tb02727.x
发表日期：
1997
页码：
1131-1150
关键词：
摘要：
Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.