000			02484cam a22003617 4500
001			w7428
003			NBER
005			20211020113631.0
006			m o d
007			cr cnu||||||||
008			210910s1999 mau fo 000 0 eng d
100	1		_aPorta, Rafael La.
245	1	0	_aInvestor Protection: _bOrigins, Consequences, and Reform / _cRafael La Porta, Florencio Lopez-deSilanes, Andrei Shleifer, Robert W. Vishny.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1999.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w7428
500			_aDecember 1999.
520	3		_aRecent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the access of firms to external finance. We suggest that there is a common element to the explanations of these differences, namely how well investors, both shareholders and creditors, are protected by law from expropriation by the managers and controlling shareholders of firms. We describe the differences in laws and the effectiveness of their enforcement across countries, discuss the possible origins of these differences, summarize their consequences, and assess potential strategies of corporate governance reform. We argue that the legal approach is a more fruitful way to understand corporate governance and its reform than the conventional distinction between bank-centered and market-centered financial systems.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aG21 - Banks • Depository Institutions • Micro Finance Institutions • Mortgages _2Journal of Economic Literature class.
690		7	_aG28 - Government Policy and Regulation _2Journal of Economic Literature class.
700	1		_aLopez-deSilanes, Florencio.
700	1		_aShleifer, Andrei. _920697
700	1		_aVishny, Robert W.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w7428.
856	4	0	_uhttps://www.nber.org/papers/w7428
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w7428
942			_2ddc _cW-PAPER
999			_c340830 _d299392