Law and FinanceThis paper examines legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries. The results show that common law countries generally have the best, and French civil law countries the worst, legal protections of investors, with German and Scandinavian civil law countries located in the middle. We also find that concentration of ownership of shares in the largest public companies is negatively related to investor protections, consistent with the hypothesis that small, diversified shareholders are unlikely to be important in countries that fail to protect their rights. |
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1995 Legal Aspects 2nd Edition accounting standards ADRs of different American Bar Association Analysis & Research Bank of Switzerland Capital Formation CIFAR'S Center civil law countries Commercial Laws common law common law countries Company Law Corporate Affiliations creditor rights cumulative voting Digest of Commercial Directory of Corporate Disclosure Inc Economist Intelligence Unit European Companies Handbook European Company Laws Extel Financial Ltd F statistic F statistic Prob Formation and Investment French civil law Global Company Handbook Global Shareholder Service International Company Data International Financial Analysis Investment Incentives Investor Responsibility Research Jersey 1995 Extel legal origin legal rules mandatory dividend Matthew Bender Moody's International Company Moody's Investor's Service National Register Pub Oceana Publications ownership concentration Oxfordshire Price Waterhouse 1993 Price Waterhouse European Proxy Voting Guide reorganization Responsibility Research Center Scandinavia Scandinavian secured creditors Securities Administrators 1994 SHAREHOLDERS CREDITORS OWNERSHIP Society of Securities Switzerland Union Bank variables Waterhouse European Companies World Scope Global