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)
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
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
Date posted: December 29, 2004