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1、CHAPTER6LawandFinanceAfteraDecadeofResearch***RafaelLaPortaa,FlorencioLopez-de-Silanesb,andAndreiShleifercaTuckSchoolofBusinessatDartmouth,USAbEDHECGraduateSchoolofManagement,FrancecHarvardUniversity,USAContents1.Introduction4262.BackgroundonLegalOrigins42
2、83.SomeEvidence4333.1OrganizingtheEvidence4333.2InvestorProtectionandFinancialMarkets4343.3Tunneling4383.4ConsequencesofShareholderProtection4393.5Ownership4413.6ConsequencesofCreditorProtection4423.7SubstituteMechanisms4433.8Reforms4433.9LegalRulesVersusL
3、awEnforcement4453.10LegalOriginsBeyondFinance4463.11Summary4504.ExplainingtheFacts4504.1ExplanationsBasedonRevolutions4514.2ExplanationsBasedonMedievalDevelopments4544.3LegalOriginsTheory4554.4InterpretationoftheEvidence4595.LegalOriginsandCulture4606.Lega
4、lOriginsandPolitics4617.LegalOriginsandHistory4657.1StockMarketsandtheStartofthe20thCentury470*Largepartsofthispaperdrawonour“EconomicConsequencesofLegalOrigins,”publishedinJournalofEconomicLiterature,June,2008.Thatpaperdidnotdiscussmuchoftherecentworkonla
5、wandfinance,whichiscoveredhere.**WearegratefultoDanielBerkowitz,OlivierBlanchard,SimeonDjankov,NicolaGennaioli,RogerGordon,MiltonHarris,OliverHart,PaulMahoney,EliasPapaioannou,KatharinaPistor,MarkRoe,RenéStulz,studentsinEc2470,andespeciallyLouisKaplowforex
6、tremelyhelpfulcomments.HandbookoftheEconomicsofFinance©2013ElsevierB.V.http://dx.doi.org/10.1016/B978-0-44-453594-8.00006-9Allrightsreserved.425426RafaelLaPortaetal.7.2BritainattheStartofthe20thCentury4737.3ExplainingDivergence4768.Conclusion477Appendix478
7、References4831.INTRODUCTIONSeveralyearsago,thethreeofustogetherwithVishnypublishedapairofarticlesdealingwithlegalprotectionofinvestorsanditsconsequences(LaPortaetal.1997,1998orLLSV).Thesearticlesgeneratedafairamountoffollow-upresearch,andsomecontroversy.Th
8、ispaperisourattempttosummarizethemainfindingsofthisliterature,particularlywithrespecttofinancialmarkets,andtointerprettheminaunifiedway.LLSVstartedfromaproposition,standardincorporatelaw(e.g.Clark,1986)andemp
