Investor Protection: Origins, Consequences, Reform bY

  title={Investor Protection: Origins, Consequences, Reform bY},
  author={Robert W. Vishny},
Recent 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… CONTINUE READING