The New Comparative Economics 1 (2008)
Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-silanes
In recent years, the field of comparative economics refocused on the comparison of capitalist economies. The theme of the new research is that institutions exert a profound influence on economic...
Will the Sovereign Debt Market Survive? (2007)
Robert Inman, Anne Krueger, Rafael La Porta, Florencio Lopez-de-silanes, All Picker, Michael Rashes, ...
comments. Economic theory and evidence from a variety of debt markets shed light on current reform proposals concerning emerging market debt. Debt markets, including the U.S. municipal bond market,...
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, To Constanza Blanco, Luis Leyva, ...
We examine the effect of securities laws on market development in 49 countries. We find that public enforcement of laws benefits securities markets, especially in countries with efficient government...
The New Comparative Economics 1 (2007)
Simeon Djankov, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Olivier Blanchard, ...
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on...
The Practice of Justice 1 (2007)
Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Louis Kaplow, Bert Kritzer, ...
In cooperation with Lex Mundi member law firms in 109 countries, we measure and describe the exact procedures used by litigants and courts to evict a tenant for non-payment of rent and to collect a...
* Harvard University. We are grateful to Alexander Aganin, Carlos Berdejo-Izquierdo, David (2007)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Bernardo Lopez-morton, Tatiana Nenova, Ekaterina Trizlova, ...
We present data on ownership structures of large corporations in 27 wealthy economies, making an effort to identify the ultimate controlling shareholders of these firms. We find that, except in...
The new comparative economics: a first look. (2007)
Simeon Djankov, Simeon Djankov, Rafael La Porta, Rafael La Porta, Florencio Lopez-de-silanes, Florencio Lopez-de-silanes, ...
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The transition from socialism, the Asian financial crisis, and the European economic...
Investor protection and corporate valuation 1 (2007)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny, Research Assistance, Malcolm Baker, ...
We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a...
Masaharu Hanazaki, Toshiyuki Souma, Yupana Wiwattanakantang, Florencio Lopez-de-silanes, All Morck, Andreas Savva
Since the beginning of the 1990s, Japanese banks became saddled with huge amounts of non-performing loans and a significant number of them have failed. We investigate the cause of this banking crisis...
What works in securities laws (2006)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, To Constanza Blanco, Leyva Martinez, ...
We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating...
The Law and Economics of Self-Dealing (2005)
November Th Simeon, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Melissa Johns
this paper do not reflect those of the World Bank or of Lex Mundi. Please do not quote without permission from the authors
The New Comparative Economics (2004)
Simeon Djankov Edward, Edward Glaeser, Rafael La Porta, Florencio Lopez-de-silanes
In recent years, the field of comparative economics refocused on the comparison of capitalist economies. The theme of the new research is that institutions exert a profound influence on economic...
Do Institutions Cause Growth? (2004)
Edward Glaeser Rafael, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer
We revisit the debate over whether political institutions cause economic growth, or whether, alternatively, growth and human capital accumulation lead to institutional improvement. We find that most...
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, I. Introduction
Every country in the world today has established a complex system of laws and institutions intended to protect the interests of workers and to guarantee a minimum standard of living to its...
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Eidelman Gonzalez, ...
We investigate the regulation of labor markets through employment, collective relations, and social security laws in 85 countries. We find that the political power of the left is associated with more...
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Olivier Blanchard, Simon Johnson, ...
We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security laws in 85 countries. We find that richer countries regulate labor less than...
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes
We investigate the regulation of labor markets through employment laws, collective bargaining laws, and social security laws in 85 countries. We find that richer countries regulate labor less than...
The Regulation of Labor (2003)
Juan C. Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Eugenio De Bellard, ...
We investigate the regulation of labor markets through employment, collective relations, and social security laws in 85 countries. We find that the political power of the left is associated with more...
The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Eidelman Gonzalez, ...
We investigate the regulation of labor markets through employment, collective relations, and social security laws in 85 countries. We find that the political power of the left is associated with more...
provided that full credit including © notice, is given to the source. The Regulation of Labor (2003)
Juan Botero, Simeon Djankov, Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shliefer, Andrei Shleifer, ...
tables can be found at
Investor protection and corporate valuation (2002)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny
We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a...
Coase versus the coasians (2001)
Edward Glaeser, Simon Johnson, Andrei Shleifer, Simeon Djankov, Oliver Hart, ...
Who should enforce laws or contracts: judges or regulators? Many Coasians, though not Coase himself, advocate judicial enforcement. We show that the incentives facing judges and regulators crucially...
Government Ownership of Banks (2000)
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer
We assemble data on government ownership of banks around the world. The data show that such ownership is large and pervasive, and higher in countries with low levels of per capita income, backward...
Legal Determinants of External Finance.
La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert W. Vishny
Using a sample of forty-nine countries, the authors show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have...
The Law and Economics of Self-Dealing
Simeon Djankov, Rafael LaPorta, Florencio Lopez-de-Silanes, Andrei Shleifer
We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the...
Rafael La Porta, Florencio Lopez-de-Silanes, Cristian Pop-Eleches, Andrei Shleifer
Hayek (1960) distinguishes the institutions of English freedom, which guarantee the independence of judges from political interference in the administration of justice, from those of American...
Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
In cooperation with Lex Mundi member law firms in 109 countries, we measure and describe the exact procedures used by litigants and courts to evict a tenant for non-payment of rent and to collect a...
Simeon Djankov, Edward L. Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
In recent years, comparative economics experienced a revival, with a new focus on comparing capitalist economies. The theme of the new research is that institutions exert a profound influence on...
Alberto Chong, Florencio Lopez-de-Silanes
Over the last 20 years, Mexico redefined the role of the state in its economy through an ambitious program to liberalize trade, promote efficiency and reduce the size and scope of the state-owned...
Corporate Ownership Around the World
Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer
We use data on ownership structures of large corporations in 27 wealthy economies to identify the ultimate controlling shareholders of these firms. We find that, except in economies with very good...
Agency Problems and Dividend Policies around the World
Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer, Robert W. Vishny
This paper outlines and tests two agency models of dividends. According to the "outcome model," dividends are paid because minority shareholders pressure corporate insiders to disgorge cash....
Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer
We assemble data on government ownership of banks around the world. The data show that such ownership is large and pervasive, and higher in countries with low levels of per capita income, backward...
Investor Protection and Corporate Valuation
Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer, Robert Vishny
We present a model of the effects of legal protection of minority shareholders and of cash-flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a...
What Works in Securities Laws?
RAFAEL PORTA, FLORENCIO LOPEZ-DE-SILANES, ANDREI SHLEIFER
We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating...
Edward L. Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
We revisit the debate over whether political institutions cause economic growth, or whether, alternatively, growth and human capital accumulation lead to institutional improvement. We find that most...
Privatization in the United States
Florencio Lopez-de-Silanes, Andrei Shleifer, Robert Vishny
In the United States, the two principal modes of producing local government services are in-house provision by government employees and contracting out to private suppliers, also known as...
Simeon Djankov, Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer
In cooperation with Lex Mundi member law firms in 109 countries, we measure and describe the exact procedures used by litigants and courts to evict a tenant for nonpayment of rent and to collect a...
Simeon Djankov, Rafael La Porta, Florencio Lopez-De-Silanes, Andrei Shleifer
We present new data on the regulation of entry of start-up firms in 85 countries. The data cover the number of procedures, official time, and official cost that a start-up must bear before it can...
The Economic Consequences of Legal Origins
Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
In the last decade, 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...
The Economic Consequences of Legal Origins
Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
In the last decade, 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...
The Divergence of Legal Procedures
Aron Balas, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
Djankov et al. (2003a) propose and measure for 109 countries in the year 2000 an index of formalism of legal procedure for two simple disputes: eviction of a non-paying tenant and collection of a...
Rafael La Porta, Florencio Lopez-de-Silanes, Cristian Pop-Eleches, Andrei Shleifer
In the Anglo-American constitutional tradition, judicial checks and balances are often seen as crucial guarantees of freedom. Hayek distinguishes two ways in which the judiciary provides such checks...
Legal Determinants of External Finance,"
RAFAEL LaPORTA, FLORENCIO LOPEZ-de-SILANES, ANDREI SHLEIFER, ROBERT W. VISHNY
Simeon Djankov, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
We collect data on the rules and practices of financial and conflict disclosure by politicians in 175 countries. Although two thirds of the countries have some disclosure laws, less than a third make...
Investor Protection: Origins, Consequences, Reform
Rafael La Porta, Florencio Lopez-de-silanes, Andrei Shleifer, Robert Vishny
. Recent research has documented large differences between countries in ownership concentration in publicly traded firms, in the breadth and depth of capital markets, in dividend policies, and in the...
The Divergence of Legal Procedures
Aron Balas, Rafael La Porta, Florencio Lopez-de-Silanes, Andrei Shleifer
Simeon Djankov et al. (2003) introduce a measure of the quality of contract enforcement -- the formalism of civil procedure -- for 109 countries as of 2000. For 40 of these countries, we compute...
Corporate governance reform and firm value in Mexico: an empirical assessment
Alberto Chong, Jorge Guillen, Florencio Lopez-de-Silanes
Based on a newly assembled firm-level data set on corporate governance and firm performance for Mexico, we show that better firm-level corporate governance practices are linked to higher valuations,...