40 Pages Posted: 29 Dec 2004
Date Written: July 16, 2003
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 Classification: G15, G18, G3, K22, P5
Suggested Citation: Suggested Citation
La Porta, Rafael and 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: https://ssrn.com/abstract=425880 or http://dx.doi.org/10.2139/ssrn.425880