Journal of Financial Economics
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Опубликовано на портале: 29-10-2008
Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert W. Vishny
Journal of Financial Economics.
2000.
Vol. 58.
No. 1-2.
P. 3-27.
Recent research has documented large differences among countries in ownership concentration
in publicly traded firms, in the breadth and depth of capital markets, in dividend
policies, and in the access of firms to external finance. A common element to the
explanations of these differences is how well investors, both shareholders and creditors,
are protected by law from expropriation by the managers and controlling shareholders
of firms. We describe the differences in laws and the effectiveness of their enforcement
across countries, discuss the possible origins of these differences, summarize their
consequences, and assess potential strategies of corporate governance reform. We
argue that the legal approach is a more fruitful way to understand corporate governance
and its reform than the conventional distinction between bank-centered and market-centered
financial systems.


Опубликовано на портале: 29-10-2008
Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
Journal of Financial Economics.
2008.
Vol. 88.
No. 3.
P. 430-465..
We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, that govern a specific self-dealing transaction. This theoretically grounded index predicts a variety of stock market outcomes, and generally works better than the previously introduced index of anti-director rights.

