• Publications
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Corporate Ownership Around the World
We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very goodExpand
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Investor Protection and Corporate Governance
Recent research has documented large differences among countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in theExpand
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The quality of government
We investigate empirically the determinants of the quality of governments in a large cross-section of countries. We assess government performance using measures of government intervention, publicExpand
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What Works in Securities Laws
We examine the effect of securities laws on stock market development in 49 countries. We find almost no evidence that public enforcement benefits stock markets, and strong evidence that lawsExpand
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Investor Protection and Corporate Valuation
Recent research has documented large differences among countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in theExpand
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Judicial Checks and Balances
In the Anglo‐American constitutional tradition, judicial checks and balances are often seen as crucial guarantees of freedom. Hayek distinguishes two ways in which the judiciary provides such checksExpand
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The New Comparative Economics
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence onExpand
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The Benefits of Privatization: Evidence from Mexico
Critics of privatization often argue that its benefits come at a high cost to society. The authors test the validity of this criticism for Mexico's privatization program, one of the world's largestExpand
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Determinants of Privatization Prices
Generating government revenue is a common objective in privatization. This paper asks what determines privatization prices using firm-level data for all 236 Mexican companies privatized between 1983Expand
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Investor Protection and Corporate Governance: Firm-level Evidence Across Latin America
This book holds that the crucial failure of corporate governance is the expropriation of outside investors, be they shareholders or creditors, by those who are in control of firms. The problem ofExpand
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