Abstract

References (52)

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What Works in Securities Laws?

Rafael La Porta
Tuck School of Business at Dartmouth; 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.

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

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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
Rafael La Porta Tuck School of Business at Dartmouth ( 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