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What Works in Securities Laws? 总被引:24,自引:0,他引:24
We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets. 相似文献
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MARKUS GLASER FLORENCIO LOPEZ‐DE‐SILANES ZACHARIAS SAUTNER 《The Journal of Finance》2013,68(4):1577-1631
We analyze the internal capital markets of a multinational conglomerate, using a unique panel data set of planned and actual allocations to business units and a survey of unit CEOs. Following cash windfalls, more powerful managers obtain larger allocations and increase investment substantially more than their less connected peers. We identify cash windfalls as a source of misallocation of capital, as more powerful managers overinvest and their units exhibit lower ex post performance and productivity. These findings contribute to our understanding of frictions in resource allocation within firms and point to an important channel through which power may lead to inefficiencies. 相似文献
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RAFAEL LA PORTA FLORENCIO LOPEZ-DE-SILANES ANDREI SHLEIFER ROBERT W. VISHNY 《The Journal of Finance》1997,52(3):1131-1150
Using a sample of 49 countries, we show 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. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries. 相似文献
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