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Investor Protection and Equity Markets


Andrei Shleifer


Harvard University - Department of Economics; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)

Daniel Wolfenzon


Columbia Business School - Finance and Economics; National Bureau of Economic Research (NBER)
October 2000

Harvard Institute of Economic Research Paper No. 1906

Abstract:     
We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Becker's (1968) "crime and punishment" framework into a corporate finance environment of Jensen and Meckling (1976). We examine the entrepreneur's decision and the market equilibrium. The model is consistent with a number of empirical regularities concerning the relationship between investor protection and corporate finance.

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Date posted: October 29, 2000  

Suggested Citation

Shleifer, Andrei and Wolfenzon, Daniel, Investor Protection and Equity Markets (October 2000). Harvard Institute of Economic Research Paper No. 1906. Available at SSRN: http://ssrn.com/abstract=245448 or http://dx.doi.org/10.2139/ssrn.245448

Contact Information

Andrei Shleifer (Contact Author)
Harvard University - Department of Economics ( email )
Littauer Center
Cambridge, MA 02138
United States
617-495-5046 (Phone)
617-496-1708 (Fax)
HOME PAGE: http://www.economics.harvard.edu/~ashleife/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
European Corporate Governance Institute (ECGI)
c/o ECARES ULB CP 114
B-1050 Brussels
Belgium
HOME PAGE: http://www.ecgi.org
Daniel Wolfenzon
Columbia Business School - Finance and Economics ( email )
3022 Broadway
New York, NY 10027
United States

National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
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