Publication: Legal Determinants of External Finance
Open/View Files
Date
1997
Published Version
Journal Title
Journal ISSN
Volume Title
Publisher
Wiley-Blackwell
The Harvard community has made this article openly available. Please share how this access benefits you.
Citation
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, and Robert. W. Vishny. 1997. Legal Determinants of External Finance. The Journal of Finance 52, no. 3: 1131–1150. Portico. doi:10.1111/j.1540-6261.1997.tb02727.x.
Research Data
Abstract
Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.
Description
Other Available Sources
Keywords
Terms of Use
This article is made available under the terms and conditions applicable to Other Posted Material (LAA), as set forth at Terms of Service