Protection

Working Paper

01 May 2008

Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis

We test the 'law matters' and 'legal origin' claims using a newly created panel dataset measuring legal change over time in a sample of developed and developing countries. Our dataset improves on previous ones by avoiding...

John Armour | Simon Deakin | Prabirjit Sarkar | Mathias Siems | Ajit Singh
01 August 2008

On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings

Using a sample that provides unprecedented detail on foreign listings for 29 exchanges in 24 countries starting from the early 1980s, we show that although firms list in countries with better investor protection, they are less likely to...

Nuno Fernandes | Mariassunta Giannetti
01 July 2009

How Do Legal Rules Evolve? Evidence From a Cross-Country Comparison of Shareholder, Creditor and Worker Protection

Much attention has been devoted in recent literature to the claim that a country’s ‘legal origin’ may make a difference to its pattern of financial development and more generally to its economic growth path. Proponents of this...

John Armour | Simon Deakin | Priya Lele | Mathias Siems

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