NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

What Works in Securities Law?

Rafael La Porta, Florencio Lopez-de-Silane, Andrei Shleifer

NBER Working Paper No. 9882
Issued in August 2003
NBER Program(s):   CF   LE

We examine the effect of securities laws on stock market development in 49 countries. We find almost no evidence that public enforcement benefits stock markets, and strong evidence that laws facilitating private enforcement through disclosure and liability rules benefit stock markets.

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Document Object Identifier (DOI): 10.3386/w9882

Published: Rafael Porta & Florencio Lopez-De-Silanes & Andrei Shleifer, 2006. "What Works in Securities Laws?," Journal of Finance, American Finance Association, vol. 61(1), pages 1-32, 02.

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