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What Works in Securities Laws?

Florencio López de Silanes, Universiteit van Amsterdam
Rafael La Porta , Tuck School of Business at Dartmouth
Andrei Shleifer , Harvard University, Department of Economics

Abstract

We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets.

Suggested Citation

Florencio López de Silanes, Rafael La Porta , and Andrei Shleifer . "What Works in Securities Laws?" Journal of Finance 61.1 (2006): 1-32.
Available at: http://works.bepress.com/florencio_lopez_de_silanes/1