Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis

Sonja Fagernäs (), Prabirjit Sarkar () and Ajit Singh

No 23, WEF Working Papers from ESRC World Economy and Finance Research Programme, Birkbeck, University of London

Abstract: This paper uses a new time series dataset of shareholder protection consisting of 60 annual legal indicators for the period 1970-2005 for France, Germany, the UK and the US. On the basis of these data it examines developments in shareholder protection and reassesses the claims that common-law countries have better shareholder protection than civil law countries. Furthermore it examines the relationship between legal changes and stock market development. It casts serious doubt on the claim that common-law countries have better shareholder protection which in turn leads to more stock market development.

Keywords: Stock Market; Corporate Governance; Financial Development; Leximetrics (search for similar items in EconPapers)
JEL-codes: E44 F02 F36 G11 K22 O16 (search for similar items in EconPapers)
Date: 2007-06
New Economics Papers: this item is included in nep-fmk, nep-mac and nep-reg
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Related works:
Chapter: Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis (2008)
Working Paper: Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis (2007)
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