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| Author: | Graff, M. |
| Title: | Law and finance: Common law and civil law countries compared - An empirical critique |
| Journal: | Economica
2008 : FEB, VOL. 75:297, p. 60-83 |
| Index terms: | civil law common law economic development investor protection legal systems |
| Language: | eng |
| Abstract: | Based on the existing literature, the paper explores common law and civil law systems. It aims at analyzing the soundness of the 'theory of law and finance' which states that common law system provides better framework for financial development and economic growth than the civil law system. The study indicates various problems within the empirical basis of the literature on the theory of law and finance, nevertheless it argues that the legal tradition influences greatly on the development of corporate law. In addition, some support for the hypothesis that financial investors receive different treatment in the two legal systems is found. |
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