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What Works in Securities Laws?


Rafael La Porta


Dartmouth College - Tuck School of Business; National Bureau of Economic Research (NBER)

Florencio Lopez de Silanes


EDHEC Business School; National Bureau of Economic Research (NBER); Tinbergen Institute

Andrei Shleifer


Harvard University - Department of Economics; National Bureau of Economic Research (NBER); European Corporate Governance Institute (ECGI)
July 16, 2003

Tuck School of Business Working Paper No. 03-22; AFA 2005 Philadelphia Meetings

Abstract:     
We examine the effect of securities laws on stock market development in 49 countries. We find almost no evidence that public enforcement benefits stock markets, and strong evidence that laws facilitating private enforcement through disclosure and liability rules benefit stock markets.

Number of Pages in PDF File: 40

JEL Classification: G15, G18, G3, K22, P5

working papers series


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Date posted: December 29, 2004  

Suggested Citation

La Porta, Rafael, Lopez de Silanes, Florencio and Shleifer, Andrei, What Works in Securities Laws? (July 16, 2003). Tuck School of Business Working Paper No. 03-22; AFA 2005 Philadelphia Meetings. Available at SSRN: http://ssrn.com/abstract=425880 or http://dx.doi.org/10.2139/ssrn.425880

Contact Information

Rafael La Porta
Dartmouth College - Tuck School of Business ( email )
Hanover, NH 03755
United States
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Florencio Lopez de Silanes
EDHEC Business School ( email )
393, Promenade des Anglais BP 3116
Nice, 06202
France
+33 (0) 4 93 18 78 07 (Phone)
+33 (0) 4 93 18 78 41 (Fax)
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Tinbergen Institute ( email )
Burg. Oudlaan 50
Rotterdam, 3062 PA
Netherlands
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
Feedback to SSRN (Beta)


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