Journal ArticleDOI
Law, endowments, and finance
TLDR
In this paper, two theories regarding the historical determinants of financial development are assessed using a sample of 70 former colonies, and the empirical results provide evidence for both theories. But, initial endowments explain more of the cross-country variation in financial intermediary and stock market development.About:
This article is published in Journal of Financial Economics.The article was published on 2003-11-01. It has received 880 citations till now. The article focuses on the topics: Indirect finance & Financial intermediary.read more
Citations
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Journal ArticleDOI
The Colonial Origins of Comparative Development: An Empirical Investigation
TL;DR: Acemoglu, Johnson, and Robinson as discussed by the authors used estimates of potential European settler mortality as an instrument for institutional variation in former European colonies today, and they followed the lead of Curtin who compiled data on the death rates faced by European soldiers in various overseas postings.
Journal ArticleDOI
Law, Finance, and Economic Growth in China
TL;DR: Li et al. as discussed by the authors examined three sectors of the economy: the State Sector (state-owned firms), the Listed Sector (publicly listed firms), and the Private Sector (all other firms with various types of private and local government ownership).
Journal ArticleDOI
Law, finance, and economic growth in China
TL;DR: Li et al. as mentioned in this paper showed that the private sector grows much faster than the other three sectors and provides most of the economy's growth, while the law-finance growth nexus applies to the State Sector and the Listed Sector, with arguably poorer applicable legal and financial mechanisms.
Journal ArticleDOI
Financial and Legal Constraints to Growth: Does Firm Size Matter?
TL;DR: In this article, the authors investigate the effect of financial, legal, and corruption problems on firms' growth rates and find that it is consistently the smallest firms that are most constrained.
Journal ArticleDOI
Bank governance, regulation and risk taking
TL;DR: In this paper, the authors conduct an empirical assessment of theories concerning risk taking by banks, their ownership structures, and national bank regulations, and show that bank risk taking varies positively with the comparative power of shareholders within the corporate governance structure of each bank.
References
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Book
Institutions, Institutional Change and Economic Performance
TL;DR: Douglass C. North as discussed by the authors developed an analytical framework for explaining the ways in which institutions and institutional change affect the performance of economies, both at a given time and over time.
Posted Content
Institutions, Institutional Change, and Economic Performance
Douglass C. North,John Alt +1 more
TL;DR: In this article, the authors examine the role that institutions, defined as the humanly devised constraints that shape human interaction, play in economic performance and how those institutions change and how a model of dynamic institutions explains the differential performance of economies through time.
Posted Content
Law and Finance
Rafael La Porta,Rafael La Porta,Florencio Lopez de Silanes,Florencio Lopez de Silanes,Andrei Shleifer,Andrei Shleifer,Robert W. Vishny,Robert W. Vishny +7 more
TL;DR: This paper examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common law countries generally have the best, and French civil law countries the worst, legal protections of investors.
Journal ArticleDOI
Law and Finance
TL;DR: In this article, the authors examined legal rules covering protection of corporate shareholders and creditors, the origin of these rules, and the quality of their enforcement in 49 countries and found that common-law countries generally have the strongest, and French civil law countries the weakest, legal protections of investors, with German- and Scandinavian-civil law countries located in the middle.