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| Author: | Djankov, S. (et al.) |
| Title: | The law and economics of self-dealing |
| Journal: | Journal of Financial Economics
2008 : JUN, VOL. 88:3, p. 430-465 |
| Index terms: | corporate governance finance development legislation international |
| Language: | eng |
| Abstract: | This study introduces 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 over 70 countries based on legal rules prevailing in 2003. The focus is on private enforcement mechanisms, e.g. disclosure, approval, and litigation governing a specific self-dealing transaction. This theoretically grounded index forecasts a variety of stock market outcomes, working generally better than the previously introduced index of anti-director rights. |
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