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The law and economics of self-dealing
Authors:Simeon Djankov  Rafael La Porta  Florencio Lopez-de-Silanes  Andrei Shleifer
Institution:1. The World Bank, 1818 H Street, NW Washington, DC 20433, USA;2. Dartmouth Colllege, Tuck School of Business, 314 Woodbury Hall, Hanover, NH 03755, USA;3. EDHEC Graduate School of Management, France;4. Harvard University, M9 Littauer Center, Cambridge, MA, 02138, USA
Abstract: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.
Keywords:G3  G15  G38  K22  P51
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