haku: @indexterm capital markets / yhteensä: 931
viite: 362 / 931
| Tekijä: | |
| Otsikko: | Legal determinants of external finance |
| Lehti: | Journal of Finance
1997 : JUL, VOL. 52:3, p. 1131-1150 |
| Asiasana: | EXTERNALITIES FINANCE CAPITAL MARKETS INVESTORS |
| Kieli: | eng |
| Tiivistelmä: | This paper confirms that the legal environment matters for the size and extent of a country's capital markets. A good legal environment protects the potential financiers against expropriation by entrepreneurs and raises their willingness to surrender funds in exchange for securities, and hence expands the scope of capital markets. The results show that civil law countries have both the weakest investor protections and the least developed capital market as compared to comon law countries. It seems that public and private institutions are less effective in countries exhibiting low levels of trust among citizens. |
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