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| Author: | Pistor, K. Xu, C. |
| Title: | Governing emerging stock markets: legal vs. administrative governance |
| Journal: | Corporate governance
2005 : JAN, VOL 13:1, p. 5-10 |
| Index terms: | Stock markets Administration Management Legislation Corporate governance Transition economies Russia China Asia |
| Language: | eng |
| Abstract: | Transition economies face a fundamental dilemma as they need to develop financial markets, yet lacking the ingredients to do so. Recipes for legal governance mechanisms that have worked elsewhere, incl. pro- and reactive law enforcement, may not help. Using evidence from stock market development in China and Russia, this paper suggests that at least in the short term, administrative governance may be a viable alternative to legal governance in emerging stock markets. |
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