作者：Bhagat, Sanjai; Black, Bernard
作者单位：University of Colorado System; University of Colorado Boulder
作者：Bolton, Patrick; Freixas, Xavier
作者单位：Pompeu Fabra University
作者：Goldstein, Robert S.
作者单位：University System of Ohio; Ohio State University
作者：LaPorta, R; LopezDeSilanes, F; Shleifer, A; Vishny, RM
作者单位：University of Chicago
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.
作者：Ravid, S. Abraham; Spiegel, Matthew
作者单位：University of California System; University of California Berkeley
作者：Toft, Klaus Bjerre; Prucyk, Brian
作者单位：University of Texas System; University of Texas Austin
