Culture, Openness, and Finance / Rene M. Stulz, Rohan Williamson.

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Stulz, Rene M

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Material type: Text

TextSeries: Working Paper Series (National Bureau of Economic Research) ; no. w8222.Publication details: Cambridge, Mass. National Bureau of Economic Research 2001.Description: 1 online resource: illustrations (black and white)Subject(s):

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Abstract: Religions have little to say about shareholders but have much to say about creditors. We find that the origin of a country's legal system is more important than its religion and language in explaining shareholder rights. However, a country's principal religion helps predict the cross-sectional variation in creditor rights better than a country's openness to international trade, its language, its income per capita, or the origin of its legal system. Catholic countries protect the rights of creditors less than other countries, and long-term debt is less important in these countries. A country's openness to international trade mitigates the influence of religion on creditor rights. Religion and language are also important predictors of how countries enforce rights.

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Item type	Home library	Collection	Call number	Status	Date due	Barcode	Item holds
Working Paper	Biblioteca Digital	Colección NBER	nber w8222 (Browse shelf(Opens below))	Not For Loan

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Previous	nber w8219 The Perverse Effects of Partial Labor Market Reform: Fixed Duration Contracts in France /	nber w8220 Corporate Governance and Merger Activity in the U.S.: Making Sense of the 1980s and 1990s /	nber w8221 Valuation Ratios and the Long-Run Stock Market Outlook: An Update /	nber w8222 Culture, Openness, and Finance /	nber w8223 Taxation and Portfolio Structure: Issues and Implications /	nber w8224 Financial Safety Nets: Reconstructing and Modeling a Policymaking Metaphor /	nber w8225 Inflation Targeting and the Liquidity Trap /	Next

April 2001.

Religions have little to say about shareholders but have much to say about creditors. We find that the origin of a country's legal system is more important than its religion and language in explaining shareholder rights. However, a country's principal religion helps predict the cross-sectional variation in creditor rights better than a country's openness to international trade, its language, its income per capita, or the origin of its legal system. Catholic countries protect the rights of creditors less than other countries, and long-term debt is less important in these countries. A country's openness to international trade mitigates the influence of religion on creditor rights. Religion and language are also important predictors of how countries enforce rights.