The information content of stock markets: why do emerging markets have synchronous stock price movements?
TLDR
This paper found that stock prices move together more in poor economies than in rich economies, and this "nding is not due to market size and is only partially explained by higher fundamentals".About:
This article is published in Journal of Financial Economics.The article was published on 2000-01-01 and is currently open access. It has received 2122 citations till now. The article focuses on the topics: Emerging markets & Stock (geology).read more
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Investor Protection and Corporate Governance
TL;DR: In this article, the authors argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems, and discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform.
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).
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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.
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Incentives versus standards: properties of accounting income in four East Asian countries $
TL;DR: In this article, Hong Kong, Malaysia, Singapore and Thailand provide rare insight into the interaction between accounting standards and the incentives of managers and auditors, showing that their financial reporting quality is not higher than under code law, with quality operationalized as timely recognition of economic income.
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Private Benefits of Control: An International Comparison
TL;DR: In this article, private benefits of control in 39 countries using 393 controlling blocks sales are estimated and found to be associated with less developed capital markets, more concentrated ownership, and more privately negotiated privatizations.
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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.
Journal ArticleDOI
Legal Determinants of External Finance
TL;DR: The authors showed 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 than those with stronger investor protections.
Journal ArticleDOI
Corporate Ownership Around the World
TL;DR: In this paper, the authors use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms, and they find that, except in economies with very good shareholder protection, relatively few firms are widely held, in contrast to Berle and Means's image of ownership of the modern corporation.
Book ChapterDOI
The use of knowledge in society
TL;DR: In this paper, it was pointed out that many of the current disputes with regard to both economic theory and economic policy have their common origin, it seems to me, in a misconception about the nature of the economic problem of society.