Legal Determinants of External Finance

Legal Determinants of External Finance

  • RAFAEL PORTA
  • FLORENCIO LOPEZ‐DE‐SILANES
  • ANDREI SHLEIFER
  • ROBERT W. VISHNY

Article first published online: 18th April 2012 DOI: 10.1111/j.1540-6261.1997.tb02727.x

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.

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