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Handbook of the Economics of Finance by Rene M. Stulz, Milton Harris, George M. Constantinides

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Chapter 6

Law and Finance After a Decade of Research* **

Rafael La Portaa, Florencio Lopez-de-Silanesb and Andrei Shleiferc

aTuck School of Business at Dartmouth, USA

bEDHEC Graduate School of Management, France

cHarvard University, USA

Abstract

In the last dozen years, economists have produced a considerable body of research suggesting that the historical origin of a country’s laws is highly correlated with a broad range of its legal rules and regulations, as well as with economic outcomes. Much of this research has dealt with rules governing investor protection and their effects on financial markets. We summarize this evidence and attempt a unified interpretation. We also address several objections to the empirical claim that legal origins matter. ...

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