What Works in Securities Laws?
Article first published online: 20 JAN 2006
The Journal of Finance
Volume 61, Issue 1, pages 1–32, February 2006
How to Cite
LA PORTA, R., LOPEZ-DE-SILANES, F. and SHLEIFER, A. (2006), What Works in Securities Laws?. The Journal of Finance, 61: 1–32. doi: 10.1111/j.1540-6261.2006.00828.x
- Issue published online: 20 JAN 2006
- Article first published online: 20 JAN 2006
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.