TY  - JOUR
AU  - Porta,Rafael La
AU  - Lopez-de-Silane,Florencio
AU  - Shleifer,Andrei
TI  - What Works in Securities Law?
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 9882
PY  - 2003
Y2  - August 2003
UR  - http://www.nber.org/papers/w9882
L1  - http://www.nber.org/papers/w9882.pdf
N1  - Author contact info:
Rafael La Porta
Dartmouth College
Tuck School
210 Tuck Hall
Hanover, NH  03755
Tel: 603/646-3739
E-Mail: rafael.laporta@dartmouth.edu

Florencio Lopez-de-Silanes
EDHEC Business School
393, Promenade des Anglais BP 3116
06202 Nice Cedex 3
FRANCE
Tel: +33 (0) 4 93 18 78 07
Fax: +33 (0) 4 93 18 78 41
E-Mail: Florencio.lopezdesilanes@edhec.edu

Andrei Shleifer
Department of Economics
Harvard University
Littauer Center M-9
Cambridge, MA 02138
Tel: 617/495-5046
Fax: 617/496-1708
E-Mail: ashleifer@harvard.edu
AB  - 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.
ER  -