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Cited by 720

The DOI matches its Crossref record; 55 of the 55 references it cites were found in a registry or an index.

The “Antidirector Rights Index” Revisited

Open access
Spamann, Holger·2010·Review of Financial Studies
DOI 10.1093/rfs/hhp067
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Abstract

The "antidirector rights index" has been used as a measure of shareholder protection in over a hundred articles since it was introduced by La Porta et al. ("Law and Finance." 1998, Journal of Political Economy 106:1113--55). A thorough reexamination of the legal data, however, leads to corrections for thirty-three of the forty-six countries analyzed. The correlation between corrected and original values is only 0.53. Consequently, many empirical results established using the original index may not be replicable with corrected values. In particular, the corrected index fails to support three widely influential claims: that shareholder protection is higher in common than in civil law countries; that shareholder protection predicts stock market size or ownership dispersion; and that weak corporate governance explains the extent of exchange rate depreciation during the Asian financial crisis of 1997--1998. The Author 2009. Published by Oxford University Press [on behalf of The Society for Financial Studies]. All rights reserved. For Permissions, please e-mail: journals.permissions@oxfordjournals.org., Oxford University Press.

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Metadata

Authors
Spamann, H.
Venue
Review of Financial Studies
Publisher
Oxford University Press (OUP)
Published
2009-09-14
Volume
23
Issue
2
Pages
467-486
ISSN
  • 0893-9454 (ISSN-L)
  • 1465-7368
DOI
10.1093/rfs/hhp067
OpenAlex
W2143476946
Cited by
720
References
55
FWCI
157.94
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The “Antidirector Rights Index” Revisited. https://app.cochat.ai/papers/10.1093/rfs/hhp067
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Spamann, H. (2010). The “Antidirector Rights Index” Revisited. Review of Financial Studies. https://doi.org/10.1093/rfs/hhp067

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