The law and economics of self-dealing
Simeon Djankov (),
Rafael La Porta (),
Florencio Lopez-de-Silanes () and
Journal of Financial Economics, 2008, vol. 88, issue 3, pages 430-465
We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, that govern a specific self-dealing transaction. This theoretically grounded index predicts a variety of stock market outcomes, and generally works better than the previously introduced index of anti-director rights.
References: View references in EconPapers View complete reference list from CitEc
Citations View citations in EconPapers (344) Track citations by RSS feed
Downloads: (external link)
Full text for ScienceDirect subscribers only
Working Paper: The Law and Economics of Self-dealing (2008)
Working Paper: The Law and Economics of Self-Dealing (2005)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: http://EconPapers.repec.org/RePEc:eee:jfinec:v:88:y:2008:i:3:p:430-465
Access Statistics for this article
Journal of Financial Economics is currently edited by G. William Schwert
More articles in Journal of Financial Economics from Elsevier
Series data maintained by Zhang, Lei ().