Law and finance: Common law and civil law countries compared - An empirical critique

被引:53
作者
Graff, Michael [1 ,2 ]
机构
[1] Univ Queensland, St Lucia, Qld 4067, Australia
[2] ETH, Zurich, Switzerland
关键词
D O I
10.1111/j.1468-0335.2007.00596.x
中图分类号
F [经济];
学科分类号
02 ;
摘要
The 'theory of law and finance' argues that the common law system provides a better framework for financial development and economic growth than the civil law tradition. This paper identifies a number of problems that cast doubt on the soundness of the empirical basis of this literature. However, this analysis supports the idea that the legal tradition is a major factor in shaping corporate law. In particular, while there is not much evidence that common law countries protect financial investors better than civil law countries I find support for the assumption that financial investors are treated differently across legal families.
引用
收藏
页码:60 / 83
页数:24
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