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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
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