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dc.contributor.authorDeakin, Simon
dc.contributor.authorSarkar, Prabirjit
dc.contributor.authorSiems, Mathias M
dc.date.accessioned2018-02-16T09:37:27Z
dc.date.available2018-02-16T09:37:27Z
dc.date.issued2018-05-31
dc.identifier.issn2380-5005
dc.identifier.urihttps://www.repository.cam.ac.uk/handle/1810/273280
dc.description.abstractWe use recently created datasets measuring legal change over time in a sample of 28 developed and emerging economies to test whether the strengthening of shareholder rights in the course of the mid-1990s and 2000s promoted stock market development in those countries. We find only weak and equivocal evidence of a positive effect of shareholder protection on market capitalisation, the value of stock trading, and the turn-over ratio, and a negative impact on the number of listed companies. There is stronger evidence of reverse causality, in the sense of stock market development at country level generating changes in shareholder protection law. We conclude, firstly, that legal re-forms were at least in part an endogenous response to stock market development and not simply a reaction to the generation of global standards; but, secondly, that the laws passed in response to the demand for shareholder empowerment did not consistently have the expected impact on financial markets, and may have had some negative and perverse results.
dc.description.sponsorshipWe gratefully acknowledge funding from the ESRC’s Rising Powers and Interdependent Futures Research Programme, Project ‘Law, Development and Finance in Rising Powers’, Grant No. ES/J012491/1.
dc.publisherNow Publishers
dc.subjectcorporate governance
dc.subjectshareholder protection
dc.subjectfinancial development
dc.subjectstock market development
dc.titleIs There a Relationship Between Shareholder Protection and Stock Market Development?
dc.typeArticle
prism.endingPage146
prism.issueIdentifier1
prism.publicationNameJournal of Law, Finance, and Accounting
prism.startingPage115
prism.volume3
dc.identifier.doi10.17863/CAM.20298
dc.identifier.doi10.17863/CAM.20298
dcterms.dateAccepted2017-11-13
rioxxterms.versionofrecord10.1561/108.00000025
rioxxterms.versionAM
rioxxterms.licenseref.urihttp://www.rioxx.net/licenses/all-rights-reserved
rioxxterms.licenseref.startdate2017-11-13
dc.contributor.orcidDeakin, Simon [0000-0002-1725-5216]
dc.identifier.eissn2380-5013
rioxxterms.typeJournal Article/Review
pubs.funder-project-idEconomic and Social Research Council (ES/J012491/1)
pubs.funder-project-idEconomic and Social Research Council (ES/P004091/1)
cam.issuedOnline2018-05-31
datacite.issupplementedby.doi10.17863/CAM.506
rioxxterms.freetoread.startdate2018-11-30


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