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代写英国论文:法律机构和国际资本市场论文定制:Essays on Legal institutions and international equity markets

论文作者:留学生论文论文属性:案例分析 Case Study登出时间:2011-05-10编辑:anterran点击率:3782

论文字数:1981论文编号:org201105100848469382语种:英语 English地区:英国价格:$ 66

关键词:Dissertation ProposalLegal institutionsinternational equity marketscorporate governance

Dissertation Proposal

Topic: Essays on Legal institutions and international equity markets

Introduction
The Law and Finance approach to corporate governance has recently 代写英国论文brought back under the economic spotlight the role that legal and judicial institutions plays in the workings of financial markets. In the standard textbook model, complete and costlessly enforceable contracts resolve any problems arising from the conflict of interests between a corporation’s inside management and its outside shareholders. In the real world, however, separation between ownership and control generates agency costs. Proponents of the Law and Finance approach have argued that, if properly designed in such a way as to safeguard investors’ property rights, both the letter of the Law and its enforcement by the courts can reduce these agency costs, thus encouraging the development of financial markets by reducing agency costs.          
While these ideas are not new , the approach is new :beginning with the seminal work of La Porta, Lopez de Silanes, Shleifer, and Vishny, a whole line of research has developed, which attempts to support them with extensive empirical analysis.
Indeed, important insights have been gained from cross-country comparative studies of corporate governance standards and their impact on the structure of financial sys tems. Two examples may suffice.
First, La Porta, Lopez de Silanes , Shleifer and Vishny have shown that countries in the Anglo-Saxon legal family protect minority shareholders to a significantly greater extent than do countries in the French legal tradition. This may help explain why firms in the Anglo-Saxon legal tradition use more external equity than do firms in the
French legal family. Similarly, the German legal tradition protects debt holders more than it protects shareholders (and more than other legal families around the world do ).This may explain why debt features so prominently as a source of finance for firms in countries whose commercial odes follow the German one.
Second, significant progress has been made towards the resolution of the issue of the “causality link ” in the relationship between financial development ad economic growth by taking legal and

 

Literature Review
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Martin, P. and H. Rey (1999,November). Financial integration and asset returns. Discussion Paper 2282, CEPR.
Mauro, P.(1995). Corruption and growth. Quarterly Journal of Economics 110(3), 681-721.
Merton, R.C.(1987). A simple model of capital market equilibrium with incomplete information. Journal of Finance 42(3), 483-510.
Mishkin, F.S.(1984). Are real interest rates equal across countries? An empirical investigation of international parity conditions. Journal of Finance 39,1345-57.
Modigliani, F.and E. Perotti (2005). Protection of minority interests and development of security markets. Managerial and Decision Economics 18, 519-528
Mossin,J.(2004). Equilibrium in a capital asset market. Econometrica35, 768-783.
North, D.C.(1990). Institutions, institutional change ad economic performance. Cambridg论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。

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