Katharina Pistor

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  • Rafael La Porta, Florencio Lopez-de-Silanes, +13 authors David Thesmar
  • 2006
We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and(More)
This paper offers the first comprehensive analysis of legal change in the protection of shareholder and creditor rights in transition economies and its impact on the propensity of firms to raise external finance. Following La Porta et al. (1998), the paper constructs an expanded set of legal indices to capture a range of potential conflicts between(More)
The Czech Republic's mass-privatization scheme changed the governance of many firms in a short period of time. We show that it was effective in improving firms' management because of the concentrated ownership structure which resulted. For a cross-section of 706 firms over the 1992-95 period, we find that the more concentrated ownership is, the higher the(More)
Jump-starting stock markets in transition economies has proved difficult. These countries lack effective legal governance structures and face severe information problems. Yet not all financial markets failed because of adverse conditions. Using China’s initial stock market development as a case study, this article suggests that administrative governance can(More)
We examine and compare the role of China’s financial system in supporting the growth of firms and the economy with that in other countries, and explore directions of future development. First, we find that the current financial system is dominated by a large but inefficient banking sector. Reducing the amount of non-performing loans among the major banks to(More)
How does the quality of national institutions that enforce the rule of law influence international trade? Anderson and Marcouiller (2001) argue that bad institutions located in the importer’s country deter international trade because they enable economic predators to steal and extort at the importer’s border. We complement this research and show how good(More)
This Article posits that the essential role of securities regulations is to create a competitive market for information traders (“analysts”). The Article advances two related theses—one descriptive and the other normative. Descriptively, it demonstrates that securities regulation is specifically designed to facilitate and protect the work of analysts.(More)
The case of a girl showing left-sided Wilms tumor together with a nephrotic syndrome is presented. Recovery after tumor nephrectomy was uneventful. After cessation of cytostatic chemotherapy chronic renal failure developed. Open wedge biopsy of the right kidney revealed endstage glomerular disease. Renal histology in patients with this rare combination and(More)
1 The authors are grateful to the CEU Foundation and the World Bank for supporting research on this paper. CV Starr Center for Applied Economics at New York University has provided additional support for Roman Frydman's research. None of these institutions are responsible for opinions expressed in this paper. The authors would like to thank Alexei N.(More)
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 on economic development. We argue that, to understand capitalist institutions, one needs to understand the basic tradeoff between the costs of disorder and those of(More)