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1、NBERWORKINGPAPERSERIESLAWANDFINANCERafaelLaPortaFlorencioLopez-de-SilanesAndreiShleiferRobertW.VishnyNBERWorkingPaper5661NATIONALBUREAUOFECONOMICRESEARCH1050MassachusettsAvenueCambridge,MA02138July1996WearegratefultoMarkChen,StevenFriedman,Magdalenabpez-Morton,andKatyaZhuravs
2、kayaforexcellentresearchassistance,toRobertBarre,EdwardGlaeser,ZviGriliches,OliverHart,MartinHellwig,JamesHines,LouisKaplow,RaghuRajan,LuigiZingales,theparticipantsoftheHarvardLawSchoolandCatholicUniversityofMilanLawandEconomicsSeminars,andespeciallyProfessorFrancescoDeNozzaf
3、orcomments,andtotheNSF,theNBERandtheHIIDforfinancialsupportofthisresearch.ThispaperispartofNBER’sresearchprograminCorporateFinance.AnyopinionsexpressedarethoseoftheauthorsandnotthoseoftheNationalBureauofEconomicResearch.O1996byRafaelLaPorta,FlorencioLopez-de-Silanes,AndreiShl
4、eiferandRobertW.Vishny.Allrightsreserved.Shortsectionsoftext,nottoexceedtwoparagraphs,maybequotedwithoutexplicitpermissionprovidedthatfullcredit,includingOnotice,isgiventothesource.NBERWorkingPaper5661July1996LAWANDFINANCEABSTRACTThispaperexamineslegalrulescoveringprotectiono
5、fcorporateshareholdersandcreditors,theoriginoftheserules,andthequalityoftheirenforcementin49countries.Theresultsshowthatcommonlawcountriesgenerallyhavethebest,andFrenchcivillawcountriestheworst,legalprotectionsofinvestors,withGermanandScandinaviancivillawcountrieslocatedinthe
6、middle.Wealsofindthatconcentrationofownershipofsharesinthelargestpubliccompaniesisnegativelyrelatedtoinvestorprotections,consistentwiththehypothesisthatsmall,diversifiedshareholdersareunlikelytobeimportantincountriesthatfailtoprotecttheirrights.RafaelLaPortaFlorencioLopez-de-
7、SilanesDepartmentofEconomicsKennedySchoolofGovernmentHarvardUniversityHarvardUniversityCambridge,MA0213879JFKStreetCambridge,MA02138andNBERAndreiShleiferRobertW.VishnyDepartmentofEconomicsGraduateSchoolofBusinessLittauer315TheUniversityofChicagoHarvardUniversity1101East58thSt
8、reetCambridge,MA02138Chicago,IL60637andNBERandNBER21.Overviewoftheis
