The DOI matches its Crossref record.
Legal Determinants of External Finance
Abstract
Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cited by
Investor protection and corporate governance
La Porta, R., Lopez-de-Silanes, F., Shleifer, A., & Vishny, R. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00065-9 · Cited by 6,848
Self-citationFinancial intermediation and growth: Causality and causes
Levine, R., Loayza, N., & Beck, T. (2000) · Journal of Monetary Economics · doi:10.1016/s0304-3932(00)00017-9 · Cited by 4,414
Finance and the sources of growth
Beck, T., Levine, R., & Loayza, N. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00072-6 · Cited by 3,711
The great reversals: the politics of financial development in the twentieth century
Rajan, R. G., & Zingales, L. (2003) · Journal of Financial Economics · doi:10.1016/s0304-405x(03)00125-9 · Cited by 3,327
What matters for financial development? Capital controls, institutions, and interactions
Chinn, M. D., & Ito, H. (2006) · Journal of Development Economics · doi:10.1016/j.jdeveco.2005.05.010 · Cited by 2,650
Botero, J. C., Djankov, S., Porta, R. L., Lopez-de-Silanes, F., & Shleifer, A. (2004) · The Quarterly Journal of Economics · doi:10.1162/0033553042476215 · Cited by 2,124
Self-citationFinancial markets and the allocation of capital
Wurgler, J. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00070-2 · Cited by 1,974
Inequality and Economic Growth: The Perspective of the New Growth Theories
Aghion, P., Caroli, E., & García-Peñalosa, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.4.1615 · Cited by 1,848
Djankov, S., Glaeser, E., La Porta, R., Lopez-de-Silanes, F., & Shleifer, A. (2003) · Journal of Comparative Economics · doi:10.1016/j.jce.2003.08.005 · Cited by 1,204
Self-citationAccounting Quality and Firm-Level Capital Investment
Biddle, G. C., & Hilary, G. (2006) · The Accounting Review · doi:10.2308/accr.2006.81.5.963 · Cited by 1,113
Investor protection and equity markets
Shleifer, A., & Wolfenzon, D. (2002) · Journal of Financial Economics · doi:10.1016/s0304-405x(02)00149-6 · Cited by 1,077
Self-citationThe Effect of Financial Development on Convergence: Theory and Evidence*
Aghion, P., Howitt, P., & Mayer-Foulkes, D. (2005) · Quarterly Journal of Economics · doi:10.1162/qjec.2005.120.1.173 · Cited by 962
Just how much do individual investors lose by trading?
Barber, B. M., Lee, Y.-T., Liu, Y.-J., & Odean, T. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn046 · Cited by 953
Legal protection of investors, corporate governance, and the cost of equity capital
Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2009) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2009.01.001 · Cited by 669
National culture and financial systems
Kwok, C. C. Y., & Tadesse, S. (2006) · Journal of International Business Studies · doi:10.1057/palgrave.jibs.8400188 · Cited by 550
Law, Stock Markets, and Innovation
BROWN, J. R., MARTINSSON, G., & PETERSEN, B. C. (2013) · The Journal of Finance · doi:10.1111/jofi.12040 · Cited by 508
Lopes, P. T., & Rodrigues, L. L. (2007) · The International Journal of Accounting · doi:10.1016/j.intacc.2006.12.002 · Cited by 350
Financial development, property rights, and growth
Claessens, S., & Laeven, L. (2003) · The Journal of Finance · doi:10.1046/j.1540-6261.2003.00610.x · Cited by 338
On the Growth Effect of Stock Market Liberalizations
Gupta, N., & Yuan, K. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhp001 · Cited by 269
Nonlinearity in the financial development–income inequality nexus
Kim, D.-H., & Lin, S.-C. (2011) · Journal of Comparative Economics · doi:10.1016/j.jce.2011.07.002 · Cited by 209
Colonialism and Modern Income: Islands as Natural Experiments
Feyrer, J., & Sacerdote, B. (2009) · Review of Economics and Statistics · doi:10.1162/rest.91.2.245 · Cited by 207
Stock market development and internationalization: Do economic fundamentals spur both similarly?
Claessens, S., Klingebiel, D., & Schmukler, S. L. (2006) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2006.03.002 · Cited by 127
Anderson, S. (2018) · American Economic Review · doi:10.1257/aer.20151047 · Cited by 101
Governance and stock market performance
Hooper, V., Sim, A. B., & Uppal, A. (2009) · Economic Systems · doi:10.1016/j.ecosys.2009.03.001 · Cited by 87
Metadata
- Authors
- Porta, R. L., Lopez-De-Silanes, F., Shleifer, A., & Vishny, R. W.
- Venue
- The Journal of Finance
- Publisher
- JSTOR
- Published
- 1997-07
- Volume
- 52
- Issue
- 3
- Pages
- 1131
- ISSN
- 0022-1082 (ISSN-L)
- OpenAlex
- W3125935778
- Cited by
- 2,031
- References
- 0
- FWCI
- 183.88
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
