Legal Determinants of External Finance

Name: Work Video:
Duration: 3 min 30 s
Rafael La Porta; Florencio Lopez-de-Silanes; Andrei Shleifer; Robert W. Vishny
{'id': 'https://openalex.org/W3125935778', 'doi': 'https://doi.org/10.2307/2329518', 'title': 'Legal Determinants of External Finance', 'display_name': 'Legal Determinants of External Finance', 'publication_year': 1997, 'publication_date': '1997-07-01', 'ids': {'openalex': 'https://openalex.org/W3125935778', 'doi': 'https://doi.org/10.2307/2329518', 'mag': '3125935778'}, 'language': 'en', 'primary_location': {'is_oa': True, 'landing_page_url': 'https://doi.org/10.2307/2329518', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.1997.tb02727.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, 'type': 'article', 'type_crossref': 'journal-article', 'indexed_in': ['crossref'], 'open_access': {'is_oa': True, 'oa_status': 'bronze', 'oa_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.1997.tb02727.x', 'any_repository_has_fulltext': True}, 'authorships': [{'author_position': 'first', 'author': {'id': 'https://openalex.org/A5112526522', 'display_name': 'Rafael La Porta', 'orcid': None}, 'institutions': [{'id': 'https://openalex.org/I1321305853', 'display_name': 'National Bureau of Economic Research', 'ror': 'https://ror.org/04grmx538', 'country_code': 'US', 'type': 'nonprofit', 'lineage': ['https://openalex.org/I1321305853']}, {'id': 'https://openalex.org/I107672454', 'display_name': 'Dartmouth College', 'ror': 'https://ror.org/049s0rh22', 'country_code': 'US', 'type': 'education', 'lineage': ['https://openalex.org/I107672454']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Rafael La Porta', 'raw_affiliation_strings': [' National Bureau of Economic Research (NBER); Dartmouth College - Tuck School of Business'], 'affiliations': [{'raw_affiliation_string': ' National Bureau of Economic Research (NBER); Dartmouth College - Tuck School of Business', 'institution_ids': ['https://openalex.org/I1321305853', 'https://openalex.org/I107672454']}]}, {'author_position': 'middle', 'author': {'id': 'https://openalex.org/A5110194443', 'display_name': 'Florencio Lopez-de-Silanes', 'orcid': None}, 'institutions': [{'id': 'https://openalex.org/I181418319', 'display_name': 'SKEMA Business School', 'ror': 'https://ror.org/036h8vg94', 'country_code': 'FR', 'type': 'education', 'lineage': ['https://openalex.org/I181418319']}, {'id': 'https://openalex.org/I1321305853', 'display_name': 'National Bureau of Economic Research', 'ror': 'https://ror.org/04grmx538', 'country_code': 'US', 'type': 'nonprofit', 'lineage': ['https://openalex.org/I1321305853']}], 'countries': ['FR', 'US'], 'is_corresponding': False, 'raw_author_name': 'Florencio Lopez-De-Silanes', 'raw_affiliation_strings': [' National Bureau of Economic Research (NBER); SKEMA Business School'], 'affiliations': [{'raw_affiliation_string': ' National Bureau of Economic Research (NBER); SKEMA Business School', 'institution_ids': ['https://openalex.org/I181418319', 'https://openalex.org/I1321305853']}]}, {'author_position': 'middle', 'author': {'id': 'https://openalex.org/A5110890240', 'display_name': 'Andrei Shleifer', 'orcid': None}, 'institutions': [{'id': 'https://openalex.org/I1321305853', 'display_name': 'National Bureau of Economic Research', 'ror': 'https://ror.org/04grmx538', 'country_code': 'US', 'type': 'nonprofit', 'lineage': ['https://openalex.org/I1321305853']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Andrei Shleifer', 'raw_affiliation_strings': [' National Bureau of Economic Research (NBER); Harvard University - Department of Economics'], 'affiliations': [{'raw_affiliation_string': ' National Bureau of Economic Research (NBER); Harvard University - Department of Economics', 'institution_ids': ['https://openalex.org/I1321305853']}]}, {'author_position': 'last', 'author': {'id': 'https://openalex.org/A5042883498', 'display_name': 'Robert W. Vishny', 'orcid': 'https://orcid.org/0009-0000-0539-9872'}, 'institutions': [{'id': 'https://openalex.org/I1311060795', 'display_name': 'U.S. National Science Foundation', 'ror': 'https://ror.org/021nxhr62', 'country_code': 'US', 'type': 'government', 'lineage': ['https://openalex.org/I1311060795']}], 'countries': ['US'], 'is_corresponding': False, 'raw_author_name': 'Robert W. Vishny', 'raw_affiliation_strings': ['La Porta, Lopez-de-Silanes, and Shleifer are from Harvard University, and Vishny is from the University of Chicago. We are grateful to Alex Chang, Mark Chen, and Magdalena Lopez-Morton for research assistance, to Ed Glaeser, Stewart Myers, and Luigi Zingales for helpful comments, and to the HIID and the National Science Foundation for support of this research.'], 'affiliations': [{'raw_affiliation_string': 'La Porta, Lopez-de-Silanes, and Shleifer are from Harvard University, and Vishny is from the University of Chicago. We are grateful to Alex Chang, Mark Chen, and Magdalena Lopez-Morton for research assistance, to Ed Glaeser, Stewart Myers, and Luigi Zingales for helpful comments, and to the HIID and the National Science Foundation for support of this research.', 'institution_ids': ['https://openalex.org/I1311060795']}]}], 'institution_assertions': [], 'countries_distinct_count': 2, 'institutions_distinct_count': 4, 'corresponding_author_ids': [], 'corresponding_institution_ids': [], 'apc_list': {'value': 4020, 'currency': 'USD', 'value_usd': 4020, 'provenance': 'doaj'}, 'apc_paid': None, 'fwci': 45.984, 'has_fulltext': True, 'fulltext_origin': 'pdf', 'cited_by_count': 2363, 'citation_normalized_percentile': {'value': 0.999685, 'is_in_top_1_percent': True, 'is_in_top_10_percent': True}, 'cited_by_percentile_year': {'min': 99, 'max': 100}, 'biblio': {'volume': '52', 'issue': '3', 'first_page': '1131', 'last_page': '1131'}, 'is_retracted': False, 'is_paratext': False, 'primary_topic': {'id': 'https://openalex.org/T10127', 'display_name': 'Banking stability, regulation, efficiency', 'score': 0.9472, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, 'topics': [{'id': 'https://openalex.org/T10127', 'display_name': 'Banking stability, regulation, efficiency', 'score': 0.9472, 'subfield': {'id': 'https://openalex.org/subfields/2003', 'display_name': 'Finance'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T12394', 'display_name': 'Insurance and Financial Risk Management', 'score': 0.9407, 'subfield': {'id': 'https://openalex.org/subfields/2002', 'display_name': 'Economics and Econometrics'}, 'field': {'id': 'https://openalex.org/fields/20', 'display_name': 'Economics, Econometrics and Finance'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}, {'id': 'https://openalex.org/T10019', 'display_name': 'Corporate Finance and Governance', 'score': 0.9124, 'subfield': {'id': 'https://openalex.org/subfields/1402', 'display_name': 'Accounting'}, 'field': {'id': 'https://openalex.org/fields/14', 'display_name': 'Business, Management and Accounting'}, 'domain': {'id': 'https://openalex.org/domains/2', 'display_name': 'Social Sciences'}}], 'keywords': [{'id': 'https://openalex.org/keywords/equity', 'display_name': 'Equity', 'score': 0.63011694}, {'id': 'https://openalex.org/keywords/sample', 'display_name': 'Sample (material)', 'score': 0.48117337}, {'id': 'https://openalex.org/keywords/investor-protection', 'display_name': 'Investor Protection', 'score': 0.46624035}], 'concepts': [{'id': 'https://openalex.org/C143910263', 'wikidata': 'https://www.wikidata.org/wiki/Q750458', 'display_name': 'Capital market', 'level': 2, 'score': 0.65855885}, {'id': 'https://openalex.org/C199728807', 'wikidata': 'https://www.wikidata.org/wiki/Q2578557', 'display_name': 'Equity (law)', 'level': 2, 'score': 0.63011694}, {'id': 'https://openalex.org/C120527767', 'wikidata': 'https://www.wikidata.org/wiki/Q3196867', 'display_name': 'Debt', 'level': 2, 'score': 0.5929548}, {'id': 'https://openalex.org/C2779777834', 'wikidata': 'https://www.wikidata.org/wiki/Q4202277', 'display_name': 'Enforcement', 'level': 2, 'score': 0.57428586}, {'id': 'https://openalex.org/C144133560', 'wikidata': 'https://www.wikidata.org/wiki/Q4830453', 'display_name': 'Business', 'level': 0, 'score': 0.53416353}, {'id': 'https://openalex.org/C198531522', 'wikidata': 'https://www.wikidata.org/wiki/Q485146', 'display_name': 'Sample (material)', 'level': 2, 'score': 0.48117337}, {'id': 'https://openalex.org/C2994371709', 'wikidata': 'https://www.wikidata.org/wiki/Q557880', 'display_name': 'Investor protection', 'level': 3, 'score': 0.46624035}, {'id': 'https://openalex.org/C121087249', 'wikidata': 'https://www.wikidata.org/wiki/Q546395', 'display_name': 'Emerging markets', 'level': 2, 'score': 0.45828903}, {'id': 'https://openalex.org/C2779530757', 'wikidata': 'https://www.wikidata.org/wiki/Q1207505', 'display_name': 'Quality (philosophy)', 'level': 2, 'score': 0.4198749}, {'id': 'https://openalex.org/C162324750', 'wikidata': 'https://www.wikidata.org/wiki/Q8134', 'display_name': 'Economics', 'level': 0, 'score': 0.38104817}, {'id': 'https://openalex.org/C73283319', 'wikidata': 'https://www.wikidata.org/wiki/Q1416617', 'display_name': 'Financial system', 'level': 1, 'score': 0.38101307}, {'id': 'https://openalex.org/C10138342', 'wikidata': 'https://www.wikidata.org/wiki/Q43015', 'display_name': 'Finance', 'level': 1, 'score': 0.27182537}, {'id': 'https://openalex.org/C199539241', 'wikidata': 'https://www.wikidata.org/wiki/Q7748', 'display_name': 'Law', 'level': 1, 'score': 0.19829318}, {'id': 'https://openalex.org/C39389867', 'wikidata': 'https://www.wikidata.org/wiki/Q380767', 'display_name': 'Corporate governance', 'level': 2, 'score': 0.16002202}, {'id': 'https://openalex.org/C17744445', 'wikidata': 'https://www.wikidata.org/wiki/Q36442', 'display_name': 'Political science', 'level': 0, 'score': 0.103652894}, {'id': 'https://openalex.org/C138885662', 'wikidata': 'https://www.wikidata.org/wiki/Q5891', 'display_name': 'Philosophy', 'level': 0, 'score': 0.0}, {'id': 'https://openalex.org/C185592680', 'wikidata': 'https://www.wikidata.org/wiki/Q2329', 'display_name': 'Chemistry', 'level': 0, 'score': 0.0}, {'id': 'https://openalex.org/C43617362', 'wikidata': 'https://www.wikidata.org/wiki/Q170050', 'display_name': 'Chromatography', 'level': 1, 'score': 0.0}, {'id': 'https://openalex.org/C111472728', 'wikidata': 'https://www.wikidata.org/wiki/Q9471', 'display_name': 'Epistemology', 'level': 1, 'score': 0.0}], 'mesh': [], 'locations_count': 5, 'locations': [{'is_oa': True, 'landing_page_url': 'https://doi.org/10.2307/2329518', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.1997.tb02727.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, {'is_oa': True, 'landing_page_url': 'http://nrs.harvard.edu/urn-3:HUL.InstRepos:30728041', 'pdf_url': 'https://dash.harvard.edu/bitstream/1/30728041/1/w5879.pdf', 'source': {'id': 'https://openalex.org/S4306401540', 'display_name': 'Digital Access to Scholarship at Harvard (DASH) (Harvard University)', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I136199984', 'host_organization_name': 'Harvard University', 'host_organization_lineage': ['https://openalex.org/I136199984'], 'host_organization_lineage_names': ['Harvard University'], 'type': 'repository'}, 'license': 'cc-by', 'license_id': 'https://openalex.org/licenses/cc-by', 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}, {'is_oa': True, 'landing_page_url': 'http://scholar.harvard.edu/shleifer/node/19443', 'pdf_url': 'https://scholar.harvard.edu/sites/scholar.harvard.edu/files/shleifer/files/legaldeterminants.pdf', 'source': {'id': 'https://openalex.org/S4306401271', 'display_name': 'RePEc: Research Papers in Economics', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I77793887', 'host_organization_name': 'Federal Reserve Bank of St. Louis', 'host_organization_lineage': ['https://openalex.org/I77793887'], 'host_organization_lineage_names': ['Federal Reserve Bank of St. Louis'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}, {'is_oa': True, 'landing_page_url': 'http://papers.nber.org/papers/w5879.pdf', 'pdf_url': 'http://papers.nber.org/papers/w5879.pdf', 'source': {'id': 'https://openalex.org/S4308707206', 'display_name': 'Library Union Catalog of Bavaria, Berlin and Brandenburg (B3Kat Repository)', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I157725225', 'host_organization_name': 'University of Illinois Urbana-Champaign', 'host_organization_lineage': ['https://openalex.org/I157725225'], 'host_organization_lineage_names': ['University of Illinois Urbana-Champaign'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}, {'is_oa': True, 'landing_page_url': 'http://www.nber.org/papers/w5879.pdf', 'pdf_url': 'http://www.nber.org/papers/w5879.pdf', 'source': {'id': 'https://openalex.org/S4306401271', 'display_name': 'RePEc: Research Papers in Economics', 'issn_l': None, 'issn': None, 'is_oa': True, 'is_in_doaj': False, 'is_core': False, 'host_organization': 'https://openalex.org/I77793887', 'host_organization_name': 'Federal Reserve Bank of St. Louis', 'host_organization_lineage': ['https://openalex.org/I77793887'], 'host_organization_lineage_names': ['Federal Reserve Bank of St. Louis'], 'type': 'repository'}, 'license': None, 'license_id': None, 'version': 'submittedVersion', 'is_accepted': False, 'is_published': False}], 'best_oa_location': {'is_oa': True, 'landing_page_url': 'https://doi.org/10.2307/2329518', 'pdf_url': 'https://onlinelibrary.wiley.com/doi/pdfdirect/10.1111/j.1540-6261.1997.tb02727.x', 'source': {'id': 'https://openalex.org/S5353659', 'display_name': 'The Journal of Finance', 'issn_l': '0022-1082', 'issn': ['0022-1082', '1540-6261'], 'is_oa': False, 'is_in_doaj': False, 'is_core': True, 'host_organization': 'https://openalex.org/P4310320595', 'host_organization_name': 'Wiley', 'host_organization_lineage': ['https://openalex.org/P4310320595'], 'host_organization_lineage_names': ['Wiley'], 'type': 'journal'}, 'license': None, 'license_id': None, 'version': 'publishedVersion', 'is_accepted': True, 'is_published': True}, 'sustainable_development_goals': [], 'grants': [], 'datasets': [], 'versions': [], 'referenced_works_count': 9, 'referenced_works': ['https://openalex.org/W2084310832', 'https://openalex.org/W2096874528', 'https://openalex.org/W2102897370', 'https://openalex.org/W2116213817', 'https://openalex.org/W2128487291', 'https://openalex.org/W2131538393', 'https://openalex.org/W2737857714', 'https://openalex.org/W4237130167', 'https://openalex.org/W4246857013'], 'related_works': ['https://openalex.org/W4312185285', 'https://openalex.org/W3126029479', 'https://openalex.org/W3125349813', 'https://openalex.org/W3123629427', 'https://openalex.org/W2508874209', 'https://openalex.org/W2256915172', 'https://openalex.org/W2061054987', 'https://openalex.org/W2037761466', 'https://openalex.org/W1917958291', 'https://openalex.org/W178322859'], 'abstract_inverted_index': {'The': [0, 805, 1005, 1445, 1461, 1727, 1803, 1911, 1997, 2019, 2114, 2491, 2507, 2651, 2677, 2779, 2841, 2862, 2899, 2921, 2933, 3152, 3417, 4522, 4655, 4806], 'Journal': [1], 'of': [2, 13, 59, 97, 149, 187, 223, 233, 246, 257, 277, 293, 299, 380, 430, 446, 509, 538, 553, 601, 633, 643, 670, 699, 705, 766, 781, 803, 808, 835, 853, 900, 912, 927, 936, 985, 996, 1007, 1031, 1040, 1066, 1076, 1091, 1094, 1099, 1106, 1125, 1138, 1182, 1208, 1231, 1243, 1246, 1282, 1298, 1313, 1354, 1366, 1378, 1394, 1413, 1421, 1428, 1447, 1473, 1483, 1537, 1540, 1566, 1569, 1573, 1607, 1610, 1613, 1641, 1659, 1672, 1675, 1685, 1688, 1692, 1779, 1834, 1860, 1877, 1882, 1885, 1943, 1964, 1970, 1982, 1990, 1993, 2022, 2059, 2064, 2071, 2117, 2155, 2160, 2167, 2209, 2231, 2252, 2262, 2275, 2278, 2297, 2308, 2331, 2339, 2356, 2378, 2385, 2416, 2424, 2447, 2478, 2481, 2496, 2512, 2516, 2552, 2566, 2571, 2630, 2645, 2653, 2665, 2669, 2722, 2755, 2770, 2772, 2787, 2792, 2812, 2814, 2851, 2864, 2872, 2905, 2910, 2927, 2948, 2960, 3010, 3049, 3055, 3068, 3085, 3094, 3097, 3102, 3113, 3126, 3157, 3173, 3181, 3188, 3200, 3202, 3217, 3279, 3284, 3304, 3316, 3334, 3382, 3389, 3541, 3549, 3616, 3629, 3648, 4271, 4417, 4447, 4457, 4572, 4578, 4633, 4672, 4690, 4721, 4727, 4771, 4789, 4809, 4818, 4856, 4887], 'FinanceVolume': [3], '52,': [4], 'Issue': [5], '3': [6, 3713, 3724, 3735, 3746, 3760, 3769, 3791, 3793, 3817, 3826, 3828, 3859, 3905, 3916, 4129, 4140, 4149, 4163, 4183, 4207, 4209, 4229], 'p.': [7], '1131-1150': [8], 'ArticleFree': [9], 'Access': [10], 'Legal': [11], 'Determinants': [12], 'External': [14, 1442, 3603, 3637, 4748, 4827], 'Finance': [15, 4749], 'RAFAEL': [16, 106], 'LA': [17, 107], 'PORTA,': [18, 108], 'Search': [19, 27, 35, 109, 117, 125], 'for': [20, 28, 36, 72, 83, 95, 100, 110, 118, 126, 162, 173, 185, 190, 355, 754, 817, 892, 1286, 1381, 1459, 1584, 1647, 1708, 1711, 1788, 1933, 2034, 2130, 2215, 2235, 2404, 2461, 2527, 2746, 2799, 2828, 2838, 2844, 2859, 2896, 3052, 3079, 3184, 3292, 3396, 3404, 3413, 3464, 3471, 3479, 3544, 3552, 3558, 3614, 3631, 4462, 4468, 4476, 4485, 4735, 4794, 4815], 'more': [21, 29, 37, 101, 111, 119, 127, 191, 799, 911, 917, 946, 979, 2486, 2588, 2610, 2886, 4493, 4629, 4663, 4677, 4736], 'papers': [22, 30, 38, 102, 112, 120, 128, 192], 'by': [23, 31, 39, 103, 113, 121, 129, 193, 289, 528, 532, 568, 585, 631, 709, 885, 897, 1012, 1262, 1269, 1453, 1466, 1488, 1731, 1915, 2028, 2052, 2076, 2123, 2148, 2172, 2271, 2283, 2314, 2322, 2359, 2362, 2427, 2714, 2808, 2818, 3108, 3166, 3332, 3610, 4382, 4583, 4670, 4834, 4869], 'this': [24, 32, 40, 98, 104, 114, 122, 130, 188, 194, 258, 827, 1018, 1254, 1850, 2402, 2418, 2435, 2749, 3063, 3298, 3327, 3428, 4579], 'authorFLORENCIO': [25, 115], 'LOPEZ-DE-SILANES,': [26, 116], 'authorANDREI': [33, 123], 'SHLEIFER,': [34, 124], 'authorROBERT': [41, 131], 'W.': [42, 132], 'VISHNY,': [43, 133], 'La': [44, 134, 1437, 1817, 1899, 2011], 'Porta,': [45, 135, 489], 'Lopez-de-Silanes,': [46, 136, 490], 'and': [47, 53, 69, 80, 86, 90, 137, 143, 159, 170, 176, 180, 221, 225, 237, 244, 263, 296, 304, 314, 329, 361, 371, 404, 410, 444, 465, 481, 492, 507, 535, 550, 558, 587, 594, 604, 616, 717, 727, 731, 820, 938, 989, 1057, 1103, 1123, 1141, 1144, 1157, 1159, 1171, 1185, 1194, 1198, 1213, 1233, 1265, 1271, 1274, 1276, 1288, 1329, 1342, 1404, 1433, 1436, 1479, 1529, 1559, 1600, 1617, 1678, 1690, 1698, 1713, 1816, 1846, 1863, 1867, 1889, 1898, 2010, 2067, 2163, 2317, 2388, 2409, 2523, 2549, 2581, 2757, 2878, 2962, 2981, 3012, 3036, 3116, 3194, 3264, 3289, 3369, 3410, 3477, 3502, 3518, 3555, 3578, 3594, 4393, 4398, 4482, 4536, 4541, 4562, 4585, 4626, 4651, 4660, 4680, 4731, 4747, 4776, 4802, 4823], 'Shleifer': [48, 138, 1140], 'are': [49, 62, 139, 152, 599, 883, 895, 905, 1010, 1349, 1747, 1938, 1976, 2681, 2973, 3001, 3598, 4570, 4647], 'from': [50, 56, 140, 146, 686, 1069, 1701, 1806, 1987, 2000, 2742, 2994, 3058, 3072, 3275, 4624, 4714], 'Harvard': [51, 141], 'University,': [52, 142], 'Vishny': [54, 144, 482, 493, 1142], 'is': [55, 145, 572, 581, 810, 1132, 1224, 1468, 1507, 1514, 1729, 1763, 1770, 1793, 1913, 2054, 2095, 2102, 2150, 2191, 2198, 2288, 2312, 2320, 2437, 2493, 2509, 2609, 2616, 2661, 2725, 2783, 2847, 2868, 2881, 2901, 2923, 2938, 3105, 3307, 3421, 3431, 3438, 3484, 4381, 4410, 4459, 4492, 4505, 4526, 4581, 4662, 4674, 4697], 'the': [57, 88, 91, 147, 178, 181, 239, 249, 291, 297, 325, 330, 358, 362, 385, 441, 502, 505, 513, 521, 536, 551, 602, 634, 641, 668, 687, 697, 703, 719, 725, 738, 763, 779, 833, 851, 870, 889, 898, 903, 943, 952, 959, 971, 983, 994, 1013, 1029, 1038, 1070, 1077, 1092, 1097, 1104, 1114, 1121, 1149, 1163, 1189, 1206, 1227, 1241, 1280, 1296, 1311, 1314, 1323, 1326, 1340, 1352, 1364, 1392, 1400, 1405, 1414, 1418, 1422, 1448, 1471, 1474, 1480, 1489, 1494, 1512, 1538, 1567, 1585, 1608, 1614, 1648, 1660, 1676, 1682, 1686, 1693, 1736, 1756, 1776, 1828, 1835, 1855, 1858, 1883, 1920, 1947, 1957, 1962, 1968, 1971, 1980, 1983, 1988, 1991, 2023, 2043, 2057, 2060, 2068, 2077, 2082, 2100, 2118, 2139, 2153, 2156, 2164, 2173, 2178, 2196, 2210, 2223, 2232, 2243, 2260, 2276, 2279, 2295, 2315, 2323, 2328, 2332, 2353, 2360, 2365, 2374, 2379, 2393, 2406, 2422, 2428, 2433, 2444, 2456, 2479, 2494, 2510, 2535, 2540, 2547, 2550, 2569, 2578, 2583, 2606, 2626, 2631, 2641, 2659, 2666, 2670, 2684, 2719, 2727, 2735, 2738, 2743, 2784, 2793, 2796, 2805, 2809, 2822, 2829, 2848, 2870, 2873, 2879, 2902, 2912, 2915, 2924, 2976, 2995, 3004, 3008, 3020, 3027, 3034, 3040, 3060, 3069, 3073, 3082, 3095, 3114, 3162, 3168, 3176, 3179, 3186, 3198, 3212, 3215, 3229, 3240, 3254, 3268, 3301, 3305, 3317, 3322, 3379, 3397, 3405, 3414, 3423, 3465, 3472, 3480, 3510, 3515, 3524, 3545, 3559, 3573, 3584, 3587, 3592, 3595, 3617, 3632, 4384, 4399, 4402, 4415, 4432, 4469, 4477, 4486, 4496, 4500, 4509, 4527, 4542, 4545, 4605, 4631, 4719, 4728, 4733, 4783, 4786, 4795, 4798, 4803, 4813, 4821, 4824], 'University': [58, 148], 'Chicago.': [60, 150], 'We': [61, 151, 541, 740, 1045, 1081, 1109, 1348, 2248, 2452, 2472, 3221], 'grateful': [63, 153], 'to': [64, 75, 87, 154, 165, 177, 207, 229, 252, 311, 338, 419, 450, 462, 520, 612, 637, 790, 831, 841, 856, 861, 865, 888, 961, 1134, 1152, 1320, 1359, 1455, 1548, 1579, 1596, 1621, 1703, 1740, 1750, 1755, 1786, 1798, 1808, 1872, 1931, 1940, 2002, 2030, 2125, 2266, 2291, 2301, 2441, 2450, 2504, 2533, 2539, 2562, 2658, 2673, 2708, 2734, 2776, 2790, 2854, 2908, 2930, 2941, 2987, 3022, 3164, 3170, 3207, 3271, 3297, 3362, 3387, 3393, 3462, 3488, 3507, 3539, 4449, 4694, 4718, 4755], 'Alex': [65, 155], 'Chang,': [66, 156], 'Mark': [67, 157], 'Chen,': [68, 158], 'Magdalena': [70, 160], 'Lopez-Morton': [71, 161], 'research': [73, 163], 'assistance,': [74, 164], 'Ed': [76, 166], 'Glaeser,': [77, 167], 'Stewart': [78, 168], 'Myers,': [79, 169], 'Luigi': [81, 171], 'Zingales': [82, 172, 405, 1199, 1277, 4586], 'helpful': [84, 174], 'comments,': [85, 175], 'HIID': [89, 179], 'National': [92, 182, 1662], 'Science': [93, 183], 'Foundation': [94, 184], 'support': [96, 186], 'research.Search': [99, 189], 'author': [105, 195], 'First': [196], 'published:': [197], '18': [198], 'April': [199, 1689], '2012': [200], 'https://doi.org/10.1111/j.1540-6261.1997.tb02727.xCitations:': [201], '4,513': [202], 'AboutSectionsPDF': [203], 'ToolsRequest': [204], 'permissionExport': [205], 'citationAdd': [206], 'favoritesTrack': [208], 'citation': [209], 'ShareShare': [210], 'Give': [211], 'accessShare': [212, 215], 'full': [213], 'text': [214], 'full-text': [216, 231, 255], 'accessPlease': [217], 'review': [218], 'our': [219, 485, 772, 1317, 1335, 2723, 2942, 2953, 4376, 4711], 'Terms': [220, 243], 'Conditions': [222, 245], 'Use': [224], 'check': [226], 'box': [227], 'below': [228, 251, 2459, 3422], 'share': [230, 253, 1780, 2423, 2811, 3234, 4456], 'version': [232, 256], 'article.I': [234], 'have': [235, 302, 323, 346, 365, 373, 412, 458, 499, 621, 655, 664, 762, 798, 814, 932, 978, 1375, 2530, 2623, 2983, 3090, 3124, 3140, 3261, 3378, 3451, 4438, 4593, 4705], 'read': [236], 'accept': [238], 'Wiley': [240], 'Online': [241], 'Library': [242], 'UseShareable': [247], 'LinkUse': [248], 'link': [250, 1324], 'a': [254, 269, 275, 392, 400, 427, 866, 1002, 1049, 1064, 1073, 1089, 1180, 1258, 1502, 1516, 1545, 1576, 1784, 1874, 1994, 2039, 2090, 2104, 2135, 2186, 2200, 2219, 2239, 2272, 2309, 2336, 2587, 2662, 2883, 2989, 3053, 3091, 3248, 4423, 4455, 4573, 4687, 4740, 4816], 'article': [259, 487, 828, 1131, 1318], 'with': [260, 284, 476, 794, 973, 1028, 1705, 2468, 3329, 3359, 4518, 4555, 4649, 4676], 'your': [261], 'friends': [262], 'colleagues.': [264], 'Learn': [265], 'more.Copy': [266], 'URL': [267], 'Share': [268], 'linkShare': [270], 'onEmailFacebookTwitterLinked': [271], 'InRedditWechat': [272], 'ABSTRACT': [273], 'Using': [274], 'sample': [276, 1065, 1801, 2798, 3054], '49': [278, 679, 1086, 3056], 'countries,': [279, 431, 648, 680, 751, 3368, 3401, 3409, 3469, 3476, 4389, 4397, 4465, 4473, 4481, 4532, 4540], 'we': [280, 424, 436, 498, 681, 775, 829, 968, 1020, 1062, 1249, 1372, 1384, 1402, 2350, 2400, 2411, 2529, 2621, 2680, 2730, 2751, 2766, 2891, 2972, 3046, 3065, 3077, 3089, 3123, 3139, 3246, 3526, 4559], 'show': [281, 791], 'that': [282, 501, 545, 683, 743, 792, 945, 954, 970, 1052, 1113, 1226, 1782, 1838, 1985, 2390, 2455, 2462, 2484, 2600, 2679, 2800, 2919, 2979, 2984, 3231, 3252, 3257, 3436, 3490, 3563, 4426, 4590, 4614, 4638, 4702], 'countries': [283, 322, 620, 713, 724, 735, 745, 761, 793, 972, 1087, 1358, 2700, 3057, 3112, 3330, 3356, 3377, 3450, 3531, 3609, 4517, 4569, 4704, 4753], 'poorer': [285, 750], 'investor': [286, 327, 524, 796, 1101, 1221, 2949], 'protections,': [287, 1102], 'measured': [288, 4669], 'both': [290, 312, 324, 715, 933, 986, 1861, 2565], 'character': [292], 'legal': [294, 533, 546, 569, 624, 658, 676, 684, 784, 839, 956, 975, 1100, 1115, 1150, 1229, 1327, 1419, 2967, 2977, 3083, 3129, 3209, 3336, 3343, 3611, 3634, 4436, 4615, 4729], 'rules': [295, 534, 547, 565, 677, 685, 3130, 4616], 'quality': [298, 537, 552, 765, 1098, 1105, 3096], 'law': [300, 321, 340, 580, 607, 614, 712, 723, 730, 734, 760, 767, 1107, 1673, 1677, 1712, 1856, 3098, 3115, 3355, 3367, 3373, 3376, 3400, 3408, 3425, 3449, 3468, 3475, 3530, 4277, 4388, 4396, 4405, 4464, 4472, 4480, 4512, 4531, 4539, 4548, 4568, 4666, 4722], 'enforcement,': [301, 3099, 4667], 'smaller': [303, 375, 822, 1382, 4439], 'narrower': [305], 'capital': [306, 333, 350, 447, 823, 940, 991, 1126, 1209, 1236, 1781, 2777], 'markets.': [307, 316, 824, 992, 1331, 1396, 2778, 4654], 'These': [308, 2542, 4420], 'findings': [309], 'apply': [310], 'equity': [313, 367, 1195, 1214, 1368, 1574, 2253, 2311, 2357, 2425, 2482, 2556, 2593, 2756, 2781, 2813, 2875, 3363, 3585, 4440, 4450, 4653], 'debt': [315, 847, 999, 1050, 1056, 1212, 1612, 2598, 2629, 2675, 2758, 2907, 2929, 2944, 4453, 4490, 4601, 4693], 'In': [317, 484, 562, 702, 771, 3043, 3062, 4407], 'particular,': [318, 563], 'French': [319, 721, 758, 3371, 3398, 3466, 3546, 3596, 4106, 4290, 4330, 4344, 4403, 4470, 4501, 4546, 4561], 'civil': [320, 606, 722, 729, 733, 3366, 3372, 3399, 3407, 3467, 3474, 4276, 4395, 4404, 4471, 4479, 4511, 4538, 4547, 4567], 'weakest': [326], 'protections': [328, 525, 797, 957, 976, 2964], 'least': [331], 'developed': [332, 1283, 2958], 'markets,': [334, 368], 'especially': [335], 'as': [336, 530, 650, 693, 695, 769, 1035, 1037, 1088, 1179, 1238, 1240, 1470, 1925, 2056, 2152, 2465, 2637, 2639, 2803, 2827, 3017, 3019, 3161, 4442, 4444, 4454, 4516, 4668, 4684, 4686, 4724, 4726], 'compared': [337, 3392, 3461, 3506, 3538], 'common': [339, 582, 711, 1484, 2072, 2168, 3354, 3424, 3529, 4387, 4463, 4530], 'countries.': [341, 561, 1129, 2762, 3136, 3374, 3416, 3482, 4406, 4488, 4549], 'Why': [342, 377, 407], 'Do': [343], 'Some': [344, 646], 'Countries': [345, 919], 'so': [347], 'much': [348, 374, 2341, 3440, 4412], 'bigger': [349], 'markets': [351, 941, 1009, 1127, 1285, 2573, 4441, 4557], 'than': [352, 473, 749, 1795, 2689, 2833, 3365, 3442, 4498], 'others?': [353], 'Why,': [354, 449], 'example,': [356, 454, 2304, 2713], 'do': [357, 378, 408, 435, 455, 1218, 1250, 1373, 2412, 2601, 2622], 'United': [359, 363, 386, 3418, 3511, 3516, 3574], 'States': [360, 387, 3575], 'Kingdom': [364], 'enormous': [366], 'while': [369, 390, 3572], 'Germany': [370, 409, 3503, 3565, 4130], 'France': [372, 3491, 3569, 3952], 'ones?': [376], 'hundreds': [379], 'companies': [381, 457, 475, 1355, 2554, 2608, 2775, 2794, 2816, 3358, 4592], 'go': [382], 'public': [383, 396, 1571, 2514], 'in': [384, 397, 433, 440, 504, 518, 523, 597, 652, 691, 696, 737, 783, 826, 837, 942, 982, 1160, 1167, 1186, 1292, 1351, 1356, 1363, 1493, 1501, 1519, 1544, 1553, 1575, 1623, 1664, 1681, 1771, 1979, 2032, 2038, 2081, 2089, 2107, 2128, 2134, 2177, 2185, 2203, 2213, 2218, 2238, 2268, 2383, 2500, 2518, 2577, 2634, 2648, 2698, 2760, 2795, 2804, 2914, 2918, 2936, 2965, 2975, 3007, 3110, 3134, 3147, 3149, 3239, 3262, 3281, 3309, 3326, 3427, 3509, 3514, 3520, 3589, 3622, 4386, 4391, 4401, 4414, 4495, 4499, 4508, 4529, 4534, 4544, 4628, 4739], 'every': [388], 'year,': [389, 3564], 'only': [391, 2405, 3236], 'few': [393], 'dozen': [394], 'went': [395], 'Italy': [398, 3499, 3985], 'over': [399, 2392], 'decade': [401], '(Pagano,': [402], 'Panetta,': [403], '(1995))?': [406], 'Japan': [411, 4141], 'such': [413, 649, 1924, 3155], 'extensive': [414], 'banking': [415], 'systems,': [416], 'even': [417, 4506], 'relative': [418, 887, 1228, 2503, 2538, 2657], 'other': [420, 647, 3013], 'wealthy': [421], 'economies?': [422], 'If': [423, 902], 'look': [425, 1201, 2292, 2473, 2563, 3527], 'at': [426, 467, 786, 872, 965, 1202, 2259, 2293, 2327, 2364, 2443, 2474, 2564, 2591, 2683], 'broader': [428, 806, 939, 990, 4652], 'range': [429], 'why': [432, 4434], 'fact': [434, 2678], 'see': [437, 3489], 'huge': [438], 'differences': [439, 503, 522, 782, 1166, 3588], 'size,': [442], 'breadth,': [443], 'valuation': [445, 886, 1026, 2300, 2876], 'markets?': [448], 'take': [451, 2414], 'an': [452, 854, 907, 1022, 1766, 1789, 2695, 3106, 3142, 3190, 3542, 3550], 'extreme': [453], 'Russian': [456], 'virtually': [459], 'no': [460], 'access': [461, 949, 2674, 2771, 3361, 4446], 'external': [463, 818, 843, 877, 928, 980, 1083, 1183, 1361, 1379, 2592, 4618, 4634, 4791], 'finance': [464, 819, 844, 929, 981, 1084, 2483, 2599, 2709, 2759, 3364, 4491, 4792], 'sell': [466, 857, 910], 'about': [468], 'one': [469, 632, 1826, 1842, 1853, 3237, 3456], 'hundred': [470], 'times': [471], 'less': [472, 1709, 1794], 'Western': [474], 'comparable': [477], 'assets': [478, 1992], '(Boycko,': [479], 'Shleifer,': [480, 491], '(1993))?': [483], 'earlier': [486, 773, 2954, 3074], '(La': [488], '(1996),': [494, 1264, 1278, 3045], 'henceforth': [495], 'LLSV': [496, 1145, 2397, 3044], '(1996))': [497], 'conjectured': [500], 'nature': [506], 'effectiveness': [508], 'financial': [510, 921, 997, 1284, 1299, 1330, 2572, 4520], 'systems': [511, 625, 659, 922], 'around': [512, 3059], 'world': [514], 'can': [515, 875, 3619], 'be': [516, 2694, 3620, 4431], 'traced': [517], 'part': [519, 600], 'against': [526, 707, 3026, 3211], 'expropriation': [527, 708], 'insiders,': [529, 710], 'reflected': [531, 884, 896], 'their': [539, 554, 623, 644, 657, 671, 700, 1095, 1742, 1752, 1944, 2705, 2710, 2716, 2773, 2992, 3335, 4756], 'enforcement.': [540, 1108], 'presented': [542, 2458, 3308], 'evidence': [543, 1112, 1204, 2585, 4701], 'indicating': [544], 'protecting': [548], 'investors': [549, 3109, 3133], 'enforcement': [555, 768, 1178, 4723], 'differ': [556, 690], 'greatly': [557, 2576], 'systematically': [559, 567], 'across': [560, 678, 1085, 1128, 3342], 'these': [564, 881, 1008, 1168, 2386, 2654, 2865, 2999, 3031, 3050], 'vary': [566], 'origin,': [570, 3547, 3554, 4564], 'which': [571, 609, 638, 873, 1389, 2528, 2956, 3104, 3430], 'either': [573, 846, 1244, 1367], 'English,': [574], 'French,': [575, 592], 'German,': [576, 593], 'or': [577, 628, 848, 860, 915, 1000, 1211, 1369, 1425, 1625, 1773, 1796, 1813, 1831, 1895, 1928, 2007, 3446], 'Scandinavian.': [578], 'English': [579, 3593, 3862, 4288, 4302, 4316, 4497, 4563], 'law,': [583, 4673], 'made': [584, 2401], 'judges': [586], 'subsequently': [588], 'incorporated': [589], 'into': [590], 'legislature.': [591], 'Scandinavian': [595, 732, 3415, 3481, 3560, 4243, 4392, 4487, 4537], 'laws,': [596, 1096], 'contrast,': [598, 1293, 4408], 'scholar': [603], 'legislator-made': [605], 'tradition,': [608], 'dates': [610], 'back': [611], 'Roman': [613], '(David': [615], 'Brierley': [617], '(1985)).': [618], 'Most': [619], 'adopted': [622, 656], 'through': [626, 845, 1305], 'occupation': [627], 'colo': [629], 'nization': [630], 'European': [635], 'powers': [636], 'they': [639, 812, 894, 1217, 1407, 3119], 'owe': [640], 'origin': [642, 1093, 1420, 3084, 3333, 3597, 3863, 4107, 4187, 4244, 4291, 4305, 4319, 4333, 4347, 4361, 4625], 'laws.': [645, 3087], 'those': [651, 4610], 'Latin': [653], 'America,': [654], 'after': [660], 'attaining': [661], 'independence,': [662], 'but': [663, 1248, 1301, 4565], 'still': [665, 2438], 'typically': [666], 'chosen': [667], 'laws': [669, 747], 'former': [672], 'colonizers.': [673], 'By': [674], 'comparing': [675], 'showed': [682, 742], 'different': [688, 838, 1357, 2761, 2966, 3111, 3135, 3633, 4790], 'traditions': [689], 'content': [692], 'well': [694, 1036, 1239, 2638, 3018, 3128, 4443, 4685, 4725], 'history': [698], 'adoption.': [701], 'area': [704], 'protection': [706, 2950, 3274, 4429], 'protect': [714, 3132], 'shareholders': [716, 1232, 1492, 1739, 1746, 2080, 2176, 2382, 2980, 3206], 'creditors': [718, 1234, 1937, 1975, 2982, 3259, 3294], 'most,': [720], 'least,': [726], 'German': [728, 3406, 3473, 3553, 4186, 4304, 4332, 4358, 4394, 4478, 4510, 4535, 4566, 4591], 'somewhere': [736], 'middle.': [739], 'also': [741, 813, 1046, 1174, 2453, 2537, 2752, 2892, 3222, 3339, 4644, 4698], 'richer': [744], 'enforce': [746], 'better': [748, 925, 955, 966, 974, 3360], 'but,': [752], 'controlling': [753], 'per': [755, 1642, 1844, 1879, 3455, 3496, 3535, 4602, 4682], 'capita': [756, 1643], 'income,': [757], 'Civil': [759], 'lowest': [764, 4400, 4543], 'well.': [770], 'article,': [774, 1291, 3064], 'did': [776], 'not': [777, 1219, 1251, 1303, 1374, 1486, 1515, 1748, 1869, 1960, 2074, 2103, 2170, 2199, 2289, 2413, 2602, 2617, 3432, 4411, 4598], 'pursue': [778], 'consequences': [780, 1281], 'environments': [785, 840], 'great': [787], 'length,': [788], 'except': [789], 'poor': [795], 'highly': [800], 'concentrated': [801], 'ownership': [802, 2376, 2836], 'shares.': [804], 'question,': [807], 'course,': [809], 'whether': [811], 'inferior': [815], 'opportunities': [816], 'thus': [821], 'Accordingly,': [825], 'try': [830], 'assess': [832], 'ability': [834, 1353, 2668, 3163, 3169, 3270], 'firms': [836, 947, 1034, 1068, 1500, 1542, 1871, 2037, 2088, 2133, 2184, 2217, 2237, 2395, 2499, 2711, 2913, 3454, 3495, 4448, 4679], 'raise': [842, 916, 1360, 2702], 'equity.': [849], 'Presumably,': [850], 'willingness': [852], 'entrepreneur': [855, 908], 'his': [858, 913], 'equity,': [859, 880, 2998, 4612], 'assume': [862], 'debt,': [863, 893, 2890, 3030, 4608], 'depends': [864], 'large': [867, 1118, 2815], 'extent': [868, 953, 2480], 'on': [869, 1048, 1120, 1148, 1176, 1205, 1253, 1295, 1306, 2042, 2138, 2222, 2242, 2488, 2597, 2605, 2625, 2640, 2704, 2726, 2737, 2952, 2991, 3267, 3287, 3351, 4607, 4611], 'terms': [871, 882, 904, 926], 'he': [874], 'obtain': [876, 2534], 'finance.': [878, 1196, 2254, 2557, 2676, 4451, 4619], 'For': [879, 2303, 2347, 2748, 2763, 2889, 2997, 3029, 3137, 3244, 4780], 'underlying': [890], 'cashflows;': [891], 'cost': [899], 'funds.': [901], 'good,': [906], 'would': [909, 930, 948], 'shares': [914, 1485, 1753, 1840, 1866, 1886, 2073, 2169, 2517, 3174], 'debt.': [918, 1370, 4707], 'whose': [920], 'offer': [923, 962], 'entrepreneurs': [924, 963, 1156, 2701], 'then': [931, 2325], 'higher': [934, 987, 4507, 4706], 'valuations': [935], 'securities': [937], 'sense': [944, 2561], 'them.': [950], 'To': [951, 1016], 'enable': [958, 2985], 'financiers': [960], 'money': [964, 2703], 'terms,': [967], 'predict': [969], 'should': [977], 'form': [984, 1365], 'valued': [988], 'Measuring': [993], 'size': [995, 1122], 'markets—whether': [998], 'equity—is': [1001], 'bit': [1003], 'tricky.': [1004], 'values': [1006], 'dominated': [1011], 'largest': [1014, 1078, 1496, 2084, 2180, 2368, 2381, 2407, 2607, 2739], 'firms.': [1015, 1080], 'address': [1017], 'problem,': [1019], 'supplement': [1021], 'aggregate': [1023, 1387, 1475, 2652, 2728, 2806, 2830, 2874, 2943, 3323], 'stock': [1024, 1449, 1462, 1476, 2024, 2048, 2061, 2119, 2144, 2157, 2263, 2280, 2298, 2548, 3385], 'market': [1025, 1059, 1450, 1463, 1477, 2025, 2049, 2062, 2120, 2145, 2158, 2264, 2281, 2299, 2329, 2448, 2489, 2788, 2852, 3386], 'measure': [1027, 1051, 2274, 2664, 4380], 'number': [1030, 1039, 1539, 1568, 1876, 1884, 2495, 2511], 'domestic': [1032, 1499, 1541, 1645, 2087, 2183, 2498, 4678], 'listed': [1033, 1079, 1543, 2497, 3453, 3494], 'Initial': [1041], 'Public': [1042], 'Offerings': [1043], '(IPOs).': [1044], 'focus': [1047, 1147, 1175, 1252, 2485, 2604, 2721], 'includes': [1053], 'all': [1054, 1067, 2035, 2131, 2216, 2236, 2432, 2839, 2911, 3295, 3352, 3583], 'private': [1055, 1615, 2632, 2671, 2686, 4691], 'bond': [1058], 'borrowing.': [1060], 'Finally,': [1061, 1257, 3522], 'examine': [1063], 'WorldScope': [1071, 2044, 2140, 2224, 2244, 2744, 2774, 2797, 2916], 'database,': [1072], 'subset': [1074], 'consisting': [1075], 'compare': [1082, 4560], 'function': [1090], 'find': [1110, 4589], 'strong': [1111], 'environment': [1116, 1328, 3118], 'has': [1117, 1950, 2342, 2574, 2957, 3492, 3500, 3504], 'effects': [1119], 'breadth': [1124, 1393], 'Our': [1130, 1290, 2255, 2946], 'related': [1133], 'several': [1135], 'recent': [1136, 1267, 2589], 'strands': [1137], 'research.': [1139], '(1997)': [1143], '(1996)': [1146, 1173], 'solutions': [1151], 'agency': [1153], 'problems': [1154], 'between': [1155, 1191, 1325, 1696, 2521, 3591, 4657, 4820], 'investors,': [1158], 'particular': [1161, 1187, 2937], 'emphasize': [1162, 1220], 'cross': [1164], 'country': [1165, 1531, 1547, 1578, 1737, 1836, 1921, 2041, 2137, 2221, 2241, 2502, 2520, 2846, 3081], 'solutions.': [1169], 'Modigliani': [1170], 'Perotti': [1172], 'contract': [1177], 'determinant': [1181], 'finance,': [1184, 1247], 'stress': [1188], 'choice': [1190], 'bank': [1192, 1611, 2613, 2628], 'loan': [1193], 'Rajan': [1197, 1275, 4584], '(1995)': [1200], 'G-7': [1203], 'determinants': [1207, 1297, 4632], 'structure,': [1210], 'choice,': [1215], 'although': [1216, 2467], 'protection.': [1222], 'It': [1223, 2558, 3338, 3483, 4636], 'possible': [1225, 4576], 'treatment': [1230], 'affects': [1235], 'structure': [1237], 'availability': [1242, 3199], 'kind': [1245], 'issue': [1255], 'here.': [1256], 'growing': [1259, 3439], 'literature': [1260], 'surveyed': [1261], 'Levine': [1263, 1272], 'including': [1266], 'contributions': [1268], 'King': [1270], '(1993)': [1273], 'examines': [1279, 4627], 'investment': [1287, 2993], 'growth.': [1289], 'focuses': [1294], 'development,': [1300], 'does': [1302, 1868, 1959], 'follow': [1304], 'its': [1307, 1549, 1580, 1965, 2505, 3086], '“real”': [1308], 'consequences.': [1309], 'Unlike': [1310], 'rest': [1312], 'literature,': [1315], 'then,': [1316], 'aims': [1319], 'empirically': [1321], 'establish': [1322], 'Section': [1332, 1337, 1343], 'I': [1333, 1398], 'describes': [1334], 'data.': [1336], 'II': [1338, 3320, 4374], 'presents': [1339, 3321, 3340], 'results,': [1341], 'III': [1344, 4621, 4709], 'concludes.': [1345], 'I.': [1346, 1411, 3151, 3311, 3624], 'Data': [1347, 1590, 3318], 'interested': [1350, 2974], 'funds': [1362], 'Since': [1371, 2399], 'direct': [1376], 'measures': [1377, 2251, 2477, 2754, 2769, 2947, 2959, 3125, 4793], 'financing': [1380, 2614], 'companies,': [1383], 'use': [1385, 1403, 2249, 2767, 2821, 3066, 3223, 3247], 'primarily': [1386], 'data,': [1388, 2729], 'partly': [1390], 'capture': [1391], 'various': [1395, 1530, 3255], 'Table': [1397, 1410, 3150, 3310, 3319, 3601, 3623, 4373, 4620, 4708, 4715, 4743], 'summarizes': [1399], 'data': [1401, 2596, 2624, 2807, 2831, 2837, 3324], 'sources': [1406], 'come': [1408], 'from.': [1409], 'Description': [1412], 'Variables': [1415], 'Origin': [1416], 'Identifies': [1417], 'Company': [1423, 1811, 1829, 1893, 2005], 'Law': [1424, 1812, 1830, 1894, 2006, 3649], 'Commercial': [1426, 1814, 1832, 1896], 'Code': [1427, 1815, 1833, 1897], 'each': [1429, 2348, 2384, 2501, 2519, 2635, 2649, 2764, 2845, 2897, 3080, 3232, 3615, 4781, 4810], 'country.': [1430, 1504, 1683, 2092, 2188, 2650, 2898, 2920], 'Source:': [1431, 1521, 1555, 1588, 1628, 1651, 1666, 1715, 1810, 1892, 2004, 2109, 2205, 2226, 2246], 'Reynolds': [1432], 'Flores': [1434], '(1989)': [1435], 'Porta': [1438, 1818, 1900, 2012], 'et': [1439, 1819, 1901, 2013], 'al': [1440], '(1996).': [1441, 1821, 1903, 2015], 'cap/': [1443, 2017, 2112], 'GNP': [1444, 1622, 1657, 2267, 2660, 3388, 3646, 4458], 'ratio': [1446, 2021, 2116, 2212, 2234, 2261, 2296, 2446, 2464, 2786, 2850, 2904, 2926, 3381, 4689], 'capitalization': [1451, 1464, 1478, 2026, 2050, 2063, 2121, 2146, 2159, 2265, 2330, 2449, 2789, 2853], 'held': [1452, 1465, 2027, 2051, 2122, 2147, 2282, 2313, 2321, 2358, 2426, 2817, 3384], 'minorities': [1454, 1467, 1768, 2029, 2053, 2124, 2149], 'gross': [1456, 1644], 'national': [1457], 'product': [1458, 1472, 1646, 2058, 2154], '1994.': [1460, 1554, 1665], 'computed': [1469, 2055, 2151], 'average': [1481, 2069, 2165, 2354, 3380, 3426, 4257, 4787], 'percentage': [1482, 1778, 2070, 2166], 'owned': [1487, 1510, 2075, 2098, 2171, 2194], 'top': [1490, 2078, 2174, 4804, 4825], 'three': [1491, 2079, 2175, 2250, 2380], 'ten': [1495, 2083, 2179], 'non-financial,': [1497], 'privately-owned': [1498, 2086, 2182], 'given': [1503, 1546, 1577, 2040, 2091, 2136, 2187, 2220, 2240, 3435], 'A': [1505, 2093, 2189, 4575], 'firm': [1506, 2065, 2094, 2161, 2190, 2334], 'considered': [1508, 2096, 2192], 'privately': [1509, 2097, 2193], 'if': [1511, 1827, 2099, 2195, 2305], 'State': [1513, 2101, 2197], 'known': [1517, 2105, 2201], 'shareholder': [1518, 1725, 1785, 1880, 2106, 2202, 2961, 3159, 3192, 3225, 4428], 'it.': [1520, 2108, 2204], 'Moodys': [1522], 'International,': [1523], 'CIFAR,': [1524], 'EXTEL,': [1525], 'WorldScope,': [1526], '20-Fs,': [1527], 'Price-Waterhouse,': [1528], 'sources.': [1532], 'Domestic': [1533, 3639, 4829], 'firms/': [1534], 'Pop': [1535], 'Ratio': [1536, 1565, 1606], 'population': [1550, 1581], '(in': [1551, 1582], 'millions)': [1552, 1583], 'Emerging': [1556], 'Market': [1557, 2016, 2111], 'Factbook': [1558], 'World': [1560, 1597, 1601, 1632, 1652, 1667], 'Development': [1561, 1602, 1653, 1668], 'Report': [1562, 1603, 1654, 1669], '1996.': [1563, 1604, 1670, 2747], 'IPOs/Pop': [1564, 3641, 4831], 'initial': [1570, 2513], 'offerings': [1572, 2515], 'period': [1586, 1649, 2526], '1995:7-1996:6.': [1587], 'Securities': [1589], 'Corporation,': [1591], 'AsiaMoney,': [1592], 'LatinFinance,': [1593], 'GT': [1594], 'Guide': [1595], 'Equity': [1598], 'Markets,': [1599], 'Debt/GNP': [1605, 3642, 4832], 'sum': [1609], 'sector': [1616, 2633, 2672, 2687, 4692], 'outstanding': [1618], 'non-financial': [1619], 'bonds': [1620, 2647], '1994,': [1624, 2269], 'last': [1626, 2579, 4807], 'available.': [1627, 2619], 'International': [1629, 1716], 'Financial': [1630], 'Statistics,': [1631], 'Bondmarket': [1633], 'Factbook.': [1634], 'GDP': [1635, 3643, 4774], 'growth': [1636, 1640, 3644], 'Average': [1637, 1684], 'annual': [1638], 'percent': [1639, 2307, 2319, 3395, 3403, 3412, 4461, 4467, 4475, 4484], '1970–1993.': [1650], '1995.': [1655, 1699], 'Log': [1656, 3645, 4778], 'Logarithm': [1658], 'Gross': [1661], 'Product': [1663], 'Rule': [1671, 3647, 4770], 'Assessment': [1674], 'order': [1679, 3117], 'tradition': [1680, 1710], 'months': [1687], 'October': [1691], 'monthly': [1694], 'index': [1695, 1723, 1728, 1804, 1907, 1912, 1998, 3145, 3153, 3251, 3306, 4525], '1982': [1697], 'Scale': [1700], '0': [1702, 1807, 1847, 1890, 2001, 3669, 3680, 3703, 3714, 3725, 3736, 3759, 3770, 3804, 3816, 3827, 3838, 3849, 3860, 3884, 3894, 3895, 3928, 3929, 3939, 3950, 3961, 3962, 3983, 3993, 3994, 4005, 4015, 4016, 4017, 4027, 4039, 4049, 4050, 4060, 4071, 4082, 4104, 4128, 4139, 4173, 4184, 4208, 4219, 4230, 4241], '10,': [1704, 3571], 'lower': [1706, 2469, 4445], 'scores': [1707], 'order.': [1714], 'Country': [1717, 3636], 'Risk': [1718], 'Guide.': [1719], 'Antidirector': [1720, 3650, 4760], 'rights': [1721, 1905, 2978, 3000, 3006, 3021, 3032, 3051, 3144, 3160, 3226, 3250, 3256, 4379, 4524, 4552, 4641, 4659, 4836], 'An': [1722, 1906], 'aggregating': [1724, 1908], 'rights.': [1726, 1910], 'formed': [1730, 1914], 'adding': [1732, 1916], '1': [1733, 1917, 3670, 3681, 3692, 3715, 3747, 3781, 3792, 3850, 3885, 3906, 3907, 3917, 3927, 3971, 3972, 3973, 4004, 4038, 4061, 4092, 4093, 4103, 4138, 4150, 4162, 4172, 4174, 4220], 'when:': [1734, 1918], '(1)': [1735, 1919], 'allows': [1738], 'mail': [1741], 'proxy': [1743], 'vote;': [1744], '(2)': [1745, 1935], 'required': [1749], 'deposit': [1751], 'prior': [1754], 'General': [1757], "Shareholders'": [1758, 1791], 'Meeting;': [1759], '(3)': [1760, 1956], 'cumulative': [1761, 3182], 'voting': [1762, 3005, 3183], 'allowed;': [1764], '(4)': [1765, 1973, 4769], 'oppressed': [1767, 3204], 'mechanism': [1769], 'place;': [1772], '(5)': [1774, 4773, 4777], 'when': [1775, 1854, 3039, 4558], 'minimum': [1777, 1929], 'entitles': [1783], 'call': [1787], 'Extraordinary': [1790], 'Meeting': [1792], 'equal': [1797], '10%': [1799], '(the': [1800, 2525], 'median).': [1802], 'ranges': [1805, 1999], '5.': [1809], 'al.': [1820, 1902, 2014], 'One-share': [1822], '=': [1823, 3653, 4764, 4871], 'one-vote': [1824, 4872], 'Equals': [1825], 'requires': [1837], 'ordinary': [1839, 1865, 3233], 'carry': [1841, 3235], 'vote': [1843, 3165, 3238], 'share,': [1845], 'otherwise.': [1848, 1891], 'Equivalently,': [1849], 'variable': [1851, 2257, 2782, 2843, 2935], 'equals': [1852], 'prohibits': [1857], 'existence': [1859], 'multiple-voting': [1862], 'non-voting': [1864], 'allow': [1870], 'set': [1873], 'maximum': [1875], 'votes': [1878], 'irrespective': [1881], 'she': [1887], 'owns,': [1888], 'Creditor': [1904, 3655, 4767], 'creditor': [1909, 2963, 3249, 4523, 4658], 'imposes': [1922], 'restrictions,': [1923], "creditors'": [1926], 'consent': [1927], 'dividends,': [1930], 'file': [1932], 'reorganization;': [1934, 1972], 'secured': [1936, 1974, 3258, 3293], 'able': [1939, 2532], 'gain': [1941], 'possession': [1942], 'security': [1945], 'once': [1946], 'reorganization': [1948, 3037], 'petition': [1949], 'been': [1951, 2344, 2531], 'approved': [1952], '(no': [1953], 'automatic': [1954, 3285], 'stay);': [1955], 'debtor': [1958], 'retain': [1961, 3171], 'administration': [1963], 'property': [1966], 'pending': [1967], 'resolution': [1969], 'ranked': [1977], 'first': [1978, 2256, 2492, 2780, 2863, 2900, 2934], 'distribution': [1981], 'proceeds': [1984], 'result': [1986], 'disposition': [1989], 'bankrupt': [1995], 'firm.': [1996], '4.': [2003], 'Bankruptcy': [2008], 'Laws': [2009], 'sales': [2018, 2031, 2791, 2909], 'median': [2020, 2115, 2785, 2849, 2903, 2925], '1994': [2033, 2129, 2214], 'nonfinancial': [2036, 2132], 'database.': [2045, 2141, 2225, 2245], "Firm's": [2046, 2142], 'j': [2047, 2066, 2143, 2162], 'nonfinancial,': [2085, 2181], 'WorldScope.': [2110, 2206, 2227, 2247], 'cash-flow': [2113], 'cash': [2126, 2855, 2931], 'flow': [2127, 2229, 2551], 'Debt/sales': [2207], 'Median': [2208, 2230], 'total-debt-to-sales': [2211], 'Debt/cash': [2228], 'total-debt-to-cash-flow': [2233], 'looks': [2258], 'scaled': [2270], 'rough': [2273], 'fraction': [2277, 2355], 'outside': [2284, 2835, 2860], 'investors.': [2285], 'Conceptually,': [2286], 'it': [2287, 3437], 'appropriate': [2290], 'just': [2294, 2603, 2690, 2882], 'GNP.': [2302, 2451, 4695, 4779], '90': [2306], "firm's": [2310], 'insiders': [2316, 2361], '10': [2318, 2367, 2394, 3463], 'outsiders,': [2324], 'looking': [2326, 2363, 2442, 2682], 'whole': [2333, 2685], 'gives': [2335], 'tenfold': [2337], 'overestimate': [2338], 'how': [2340, 3127], 'actually': [2343, 2693, 3485], 'raised': [2345], 'externally.': [2346], 'country,': [2349, 2636, 2765, 2801], 'roughly': [2351, 2869, 2939], 'estimate': [2352, 3093], "country's": [2366, 3241], 'publicly': [2369], 'traded': [2370], 'nonstate': [2371], 'firms,': [2372, 2387, 2408, 2740], 'finding': [2373], 'combined': [2375], 'stake': [2377, 2391], 'averaging': [2389], '(see': [2396], '(1996)).': [2398, 2970], 'calculation': [2403], 'since': [2410, 2612, 2697], 'account': [2415], 'cross-holdings,': [2417], 'procedure': [2419, 2436], 'probably': [2420], 'overestimates': [2421], 'true': [2429], 'outsiders.': [2430, 2819], 'With': [2431], 'roughness,': [2434], 'conceptually': [2439], 'preferred': [2440], 'uncorrected': [2445, 2463], 'note': [2454], 'results': [2457, 3347, 4421, 4606], 'hold': [2460], 'well,': [2466], 'explanatory': [2470], 'nower.': [2471], 'two': [2475, 2543, 2655, 2866, 2894, 4800], 'further': [2476], 'specifically': [2487], 'breadth.': [2490], 'population.': [2506, 2541], 'second': [2508, 2842, 2880, 2922], 'mid-1995': [2522], 'mid-1996': [2524], 'data),': [2536], 'variables': [2544, 2656, 2867, 2895, 3071, 3618], 'obviously': [2545], 'reflect': [2546], 'new': [2553], 'obtaining': [2555], 'may': [2559, 2692, 4430], 'make': [2560, 3023, 3208], 'them': [2567, 2986], 'because': [2568], 'development': [2570], 'accelerated': [2575], 'decade,': [2580], 'hence': [2582], 'IPO': [2584, 3543, 3551], 'provides': [2586], 'glance': [2590], 'financing.': [2594, 4635], 'Finding': [2595], 'difficult,': [2611], 'information': [2615], 'readily': [2618], 'However,': [2620, 4503], 'total': [2627, 2642, 2906, 2928], 'face': [2643], 'value': [2644, 4788], 'corporate': [2646, 3015], 'plausible': [2663], 'overall': [2667, 4595], 'rather': [2688, 2832], 'corporations': [2691], 'advantage,': [2696], 'many': [2699, 3048], 'personal': [2706], 'accounts': [2707], '(for': [2712], 'mortgaging': [2715], 'properties).': [2717], 'Although': [2718], 'principal': [2720], 'analysis': [2724], 'devote': [2731], 'some': [2732, 3067, 4435, 4699], 'attention': [2733], 'microdata': [2736], 'obtained': [2741], 'Database': [2745], 'sample,': [2750, 3429], 'develop': [2753], 'four': [2768], 'corrected': [2802, 2858], 'estimated': [2810], '(We': [2820], 'exact': [2823], 'same': [2824], 'correction': [2825], 'here': [2826], 'assembling': [2834], 'companies.)': [2840], 'flow,': [2856], 'again': [2857], 'ownership.': [2861], 'analog': [2871], 'variable,': [2877, 3227], 'different—but': [2884], 'perhaps': [2885, 3195, 4643], 'easily': [2887], 'interpretable—normalization.': [2888], 'define': [2893], 'database': [2917], 'flow.': [2932], 'parallel': [2940], 'measure.': [2945], 'draw': [2951], 'work,': [2955], 'regimes': [2968], '(LLSV': [2969], 'Theoretically,': [2971], 'extract': [2988], 'return': [2990], 'insiders.': [2996], 'most': [3002, 3196], 'importantly': [3003], 'election': [3009], 'directors': [3011, 3213], 'important': [3014], 'matters,': [3016], 'specific': [3024], 'claims': [3025, 3210], 'corporation.': [3028], 'cover': [3033], 'liquidation': [3035, 3263], 'procedures': [3038], 'borrower': [3041], 'defaults.': [3042], 'quantified': [3047], 'world.': [3061], 'summary': [3070], 'article.': [3075], 'First,': [3076, 3350], 'know': [3078], 'Second,': [3088], 'survey-based': [3092], 'called': [3100], '“rule': [3101], 'law,”': [3103], 'assessment': [3107], 'operate': [3120], 'in.': [3121], 'Third,': [3122], 'themselves': [3131], 'shareholders,': [3138], 'constructed': [3141], 'antidirector': [3143, 4640, 4835], 'described': [3146, 4515], 'detail': [3148, 4630], 'aggregates': [3154, 3253], 'elements': [3156], 'minority': [3158, 3205], 'mail,': [3167], 'control': [3172], 'during': [3175, 3523], "shareholders'": [3177], 'meeting,': [3178, 3193], 'possibility': [3180, 3216], 'directors,': [3185], 'ease': [3187], 'calling': [3189], 'extraordinary': [3191], 'importantly,': [3197], 'mechanisms': [3201], 'allowing': [3203], '(e.g.,': [3214], 'class': [3218], 'action': [3219], 'suits).': [3220], 'another': [3224], 'namely': [3228], 'requirement': [3230], 'commercial': [3242], 'law.': [3243], 'creditors,': [3245, 3276], 'might': [3260], 'reorganization.': [3265], 'Restrictions': [3266], "managers'": [3269], 'seek': [3272], 'unilateral': [3273], 'mandatory': [3277], 'dismissal': [3278], 'management': [3280], 'reorganization,': [3282], 'lack': [3283], 'stay': [3286], 'assets,': [3288], 'absolute': [3290], 'priority': [3291], 'contribute': [3296], 'index.': [3299], 'Again,': [3300, 4489, 4550], 'precise': [3302], 'definition': [3303], 'II.': [3312, 3602], 'Results': [3313], 'A.': [3314], 'Presentation': [3315], 'used': [3325], 'study,': [3328], 'organized': [3331], 'system.': [3337], 'comparisons': [3341], 'origins.': [3344, 3635], 'Several': [3345], 'interesting': [3346], 'jump': [3348], 'out.': [3349], 'measures,': [3353, 3586], 'provide': [3357], 'particularly': [3370], 'Common': [3375, 3448, 4274], 'outsider': [3383], '60': [3390], 'percent,': [3391], '21': [3394], '46': [3402], '30': [3411, 3513], 'States,': [3419, 3517], 'incidentally,': [3420], 'entirely': [3433], 'surprising': [3434], 'slower': [3441], 'Hong': [3443, 3682], 'Kong,': [3444], 'Malaysia,': [3445], 'Singapore.': [3447], '35': [3452], 'million': [3457, 3497, 3536], 'people': [3458], '(on': [3459], 'average),': [3460], '17': [3470], '27': [3478], 'quite': [3486], 'striking': [3487], '8': [3493], 'people,': [3498, 3537], '4,': [3501], '5,': [3505], '36': [3508], 'Kingdom,': [3512], '128': [3519], 'Israel.': [3521], 'year': [3525], 'at,': [3528], 'averaged': [3532], '2.2': [3533], 'IPOs': [3534, 3557, 4681], '0.2': [3540], '0.12': [3548, 4191], '2.1': [3556], 'origin.': [3561, 3612, 4502], 'During': [3562], 'had': [3566, 3570, 3576, 3580], '7': [3567], 'IPOs,': [3568], '803': [3577], 'India': [3579, 3694], '1114.': [3581], 'On': [3582], 'means': [3590, 3630, 4819, 4857, 4888], 'statistically': [3599], 'significant.': [3600], 'Capital': [3604], 'Markets': [3605], 'This': [3606, 4750], 'table': [3607, 4751, 4784], 'classifies': [3608, 4752], 'Definitions': [3613], 'found': [3621], 'Panel': [3625, 3657, 4268], 'B': [3626], 'reports': [3627], 'tests': [3628], 'Cap/GNP': [3638, 4828], 'Firms/Pop': [3640, 4830], 'Rights': [3651, 3656, 4746], 'One-Share': [3652, 4763], 'One-Vote': [3654], 'A:': [3658], 'Means': [3659, 4272, 4833, 4868], 'Australia': [3660], '0.49': [3661], '63.55': [3662], '–': [3663, 3687, 3728, 3730, 3731, 3764, 3765, 3775, 3854, 3855, 3931, 3934, 3944, 3945, 3997, 3999, 4006, 4085, 4105, 4167, 4168, 4179], '0.76': [3664], '3.06': [3665], '12.64': [3666], '10.00': [3667, 3678, 3757, 3847, 3893, 4025, 4110, 4126, 4171, 4206, 4217, 4228, 4239, 4252], '4': [3668, 3679, 3691, 3693, 3704, 3726, 3737, 3748, 3758, 3771, 3780, 3782, 3803, 3805, 3837, 3839, 3861, 3883, 3940, 3951, 3984, 4048], 'Canada': [3671], '0.39': [3672, 3901, 4845], '40.86': [3673], '4.93': [3674], '0.72': [3675], '3.36': [3676], '13.26': [3677], 'Kong': [3683], '1.18': [3684, 3784, 4169], '88.16': [3685], '5.16': [3686], '7.57': [3688], '11.56': [3689, 4180], '8.22': [3690], '0.31': [3695, 3988], '7.79': [3696], '1.24': [3697, 4307], '0.29': [3698], '4.34': [3699], '12.50': [3700], '4.17': [3701, 3948], '2': [3702, 3815, 3896, 3918, 3938, 3949, 3960, 3982, 3995, 4026, 4028, 4037, 4059, 4070, 4072, 4081, 4083, 4094, 4127, 4151, 4161, 4185, 4218, 4231, 4240, 4242], 'Ireland': [3705], '0.27': [3706, 3762, 3776, 4033, 4043], '20.00': [3707], '0.75': [3708, 4066, 4214], '0.38': [3709, 3890], '4.25': [3710], '10.73': [3711], '7.80': [3712, 4069], 'Israel': [3716], '0.25': [3717, 3811, 4122, 4211], '127.60': [3718], '1.80': [3719, 4202], '0.66': [3720, 3753, 4021], '4.39': [3721], '11.19': [3722], '4,82': [3723], 'Kenya': [3727], '2.24': [3729], '4.79': [3732], '8.83': [3733], '5.42': [3734], 'Malaysia': [3738], '1.48': [3739, 4884], '25.15': [3740], '2.89': [3741], '0.84': [3742], '6.90': [3743], '11.00': [3744], '6,78': [3745], 'New': [3749], 'Zealand': [3750], '0.28': [3751], '69.00': [3752], '0.90': [3754], '1.67': [3755], '10.69': [3756, 3914], 'Nigeria': [3761], '1.68': [3763, 3788], '3.43': [3766, 4226], '10.36': [3767], '2.73': [3768, 4047], 'Pakistan': [3772], '0.18': [3773, 3852, 3898, 4074], '5.88': [3774], '5.50': [3777], '10.88': [3778], '3.03': [3779], 'Singapore': [3783], '80.00': [3785], '5.67': [3786], '0.60': [3787, 3865, 4213], '11.68': [3789], '8.57': [3790, 3836], 'South': [3794, 4152], 'Africa': [3795], '1.45': [3796], '16.00': [3797], '0.05': [3798, 3922, 4076], '0.93': [3799, 3822], '7.48': [3800], '10.92': [3801, 4035], '4.42': [3802], 'Sri': [3806], 'Lanka': [3807], '0.11': [3808, 3810], '11.94': [3809], '4.04': [3812], '9.28': [3813], '1,90': [3814], 'Thailand': [3818], '0.56': [3819, 3821, 4885], '6.70': [3820], '7.70': [3823], '11.72': [3824, 4263], '6.25': [3825], 'UK': [3829], '1.00': [3830], '35.68': [3831, 4852], '2.01': [3832], '1.13': [3833], '2.27': [3834], '13.86': [3835], 'US': [3840], '0.58': [3841, 4851], '30.11': [3842], '3.11': [3843, 3874], '0.81': [3844], '2.74': [3845, 4124], '15.67': [3846], '5': [3848], 'Zimbabwe': [3851], '5.81': [3853], '2.17': [3856], '8.63': [3857], '3.68': [3858], 'avg': [3864, 4108, 4188, 4245], '35.45': [3866], '2.23': [3867], '0.68': [3868, 4306], '4.30': [3869], '11.41': [3870, 4057], '6.46': [3871], '3.39': [3872], '0.22': [3873, 4008, 4222, 4266], 'Argentina': [3875], '0.07': [3876, 3964, 4065], '4.58': [3877], '0.20': [3878], '0.19': [3879, 3923, 4111, 4839], '1.40': [3880], '12.40': [3881], '5.35': [3882, 4014, 4160], 'Belgium': [3886], '0.17': [3887, 3955, 4063], '15.50': [3888], '0.30': [3889, 3966, 4045, 4246], '2.46': [3891, 3968], '12.29': [3892], 'Brazil': [3897], '3.48': [3899, 3943], '0.00': [3900, 4087, 4098, 4178, 4254], '3.95': [3902], '13.03': [3903], '6.32': [3904], 'Chile': [3908], '0.80': [3909], '19,92': [3910], '0.35': [3911], '0.63': [3912, 4371, 4848, 4854], '3,35': [3913], '7.02': [3915], 'Colombia': [3919], '0.14': [3920, 4841], '3.13': [3921], '4.38': [3924], '10.82': [3925], '2.08': [3926], 'Ecuador': [3930], '13.18': [3932], '0.09': [3933], '4.55': [3935], '9.49': [3936], '6.67': [3937], 'Egypt': [3941], '0.08': [3942, 3986, 4052, 4096, 4133, 4322], '6.13': [3946], '10.53': [3947], '0.23': [3953, 3967], '8,05': [3954], '0.96': [3956], '2.54': [3957], '14.07': [3958], '8.98': [3959, 4148], 'Greece': [3963], '21.60': [3965], '11.25': [3969], '6.18': [3970], 'Indonesia': [3974], '0.15': [3975, 4077], '1.15': [3976], '0,10': [3977], '0.42': [3978], '6.38': [3979], '11.84': [3980, 4205], '3.98': [3981], '3.91': [3987], '0.55': [3989, 4236], '2.82': [3990, 4034], '13.94': [3991], '8.33': [3992], 'Jordan': [3996], '23.75': [3998], '0.70': [4000], '1.20': [4001], '8.49': [4002], '4.35': [4003], 'Mexico': [4007], '2.28': [4009], '0.03': [4010], '0.47': [4011], '3.07': [4012], '12.69': [4013], 'Netherlands': [4018], '0.52': [4019], '21.13': [4020], '1.08': [4022], '2.55': [4023], '12.68': [4024], 'Peru': [4029], '0.40': [4030, 4258], '9.47': [4031], '0.13': [4032, 4131], '2.50': [4036, 4253, 4356], 'Philippines': [4040], '0.10': [4041, 4044, 4099], '2.90': [4042], '10.44': [4046], 'Portugal': [4051], '19.50': [4053], '0.50': [4054], '0.64': [4055, 4225], '3.52': [4056], '8.68': [4058, 4195], 'Spain': [4062], '9.71': [4064], '3.27': [4067], '13.19': [4068], 'Turkey': [4073], '2.93': [4075], '5.05': [4078], '12.08': [4079], '5.18': [4080], 'Uruguay': [4084], '7.00': [4086], '0.26': [4088, 4144], '1.96': [4089], '9.40': [4090], '5.00': [4091], 'Venezuela': [4095], '4.28': [4097], '2.65': [4100], '10.99': [4101], '6.37': [4102], '0.21': [4109, 4200], '0.45': [4112], '3.18': [4113], '11.55': [4114], '6.05': [4115], '1.76': [4116], '0.24': [4117], '1.58': [4118, 4370], 'Austria': [4119], '0.06': [4120], '13.87': [4121], '0.79': [4123], '12.13': [4125], '5.14': [4132], '1.12': [4134], '2.60': [4135], '14.46': [4136], '9.23': [4137], '0.62': [4142, 4165], '17.78': [4143], '1.22': [4145], '4.13': [4146], '15.18': [4147], 'Korea': [4153], '0.44': [4154, 4321, 4842], '15.88': [4155], '0.02': [4156], '0.74': [4157], '9.52': [4158], '12.73': [4159], 'Switzerland': [4164], '33.85': [4166], '12.44': [4170], 'Taiwan': [4175], '0.88': [4176], '14.22': [4177], '12.34': [4181], '8.52': [4182], '0.46': [4189], '16.79': [4190], '0.97': [4192, 4352, 4847], '5.29': [4193], '13.21': [4194], '2.00': [4196, 4255], '0.33': [4197], '2.33': [4198], 'Denmark': [4199], '50.40': [4201], '0.34': [4203], '2.09': [4204], 'Finland': [4210], '13.00': [4212], '2.40': [4215], '11.49': [4216], 'Norway': [4221], '33.00': [4223], '4.50': [4224, 4294], '11.62': [4227], 'Sweden': [4232], '0.51': [4233, 4298], '12.66': [4234], '1.66': [4235], '1.79': [4237], '12.28': [4238], '27.26': [4247], '2.14': [4248, 4327], '0.57': [4249], '2.42': [4250], '11.80': [4251], 'Sample': [4256], '21.59': [4259], '1.02': [4260], '0.59': [4261, 4879], '3.79': [4262], '6.85': [4264], '2.44': [4265], '2.30': [4267], 'B:': [4269], 'Tests': [4270], '(t-statistics)': [4273], 'vs': [4275, 4289, 4303, 4317, 4331, 4345, 4359, 4892], '3.12': [4278], '3.16': [4279, 4293], '3.97': [4280], '1.33': [4281], '1.23': [4282], '−1.06': [4283], '−0.77': [4284], '5.24': [4285], '−0.03': [4286], '3.61': [4287, 4301], '3.29': [4292], '2.29': [4295], '1.97': [4296], '−0.28': [4297], '5.13': [4299], '−0.11': [4300], '2.34': [4308], '−1.88': [4309], '−0.78': [4310], '−2.31': [4311], '−1.82': [4312], '3.66': [4313], '−0.52': [4314], '1.43': [4315], 'Scand.': [4318, 4346, 4360], '1.25': [4320], '0.71': [4323], '1.81': [4324], '−0.44': [4325], '−15.57': [4326], '2.20': [4328], '1.71': [4329], '−2.38': [4334], '−1.85': [4335], '0.78': [4336], '−3.39': [4337], '−1.96': [4338], '−2.48': [4339], '−2.55': [4340, 4866], '−0.47': [4341], '−0.45': [4342], '−1.29': [4343], '−0.91': [4348], '−3.31': [4349], '−5.45': [4350], '0.82': [4351], '−0.33': [4353], '−20.80': [4354], '−1.25': [4355], '−0.60': [4357], '0.94': [4362], '−1.21': [4363], '−2.76': [4364], '2.71': [4365], '1.32': [4366], '2.11': [4367], '−11.29': [4368], '−0.98': [4369], 'As': [4372], 'indicates,': [4375], 'anti': [4377], 'director': [4378], 'far': [4383], 'highest': [4385, 4528], 'intermediate': [4390, 4533], 'there': [4409], 'difference': [4413], 'incidence': [4416], 'one-share-one-vote': [4418, 4645], 'rules.': [4419], 'give': [4422], 'preliminary': [4424, 4712], 'indication': [4425], 'low': [4427, 4551], 'reason': [4433], 'origins': [4437], 'Aggregate': [4452], '68': [4460], '45': [4466], '97': [4474], '57': [4483], 'accessible': [4494], 'indebtedness': [4504, 4661], 'countries-also': [4513], 'sometimes': [4514], 'bank-focused': [4519], 'systems.': [4521], 'line': [4553], 'up': [4554], 'small': [4556], 'somewhat': [4571], 'mystery.': [4574], 'explanation': [4577], 'mystery': [4580], 'suggested': [4582], '(1995),': [4587], 'who': [4588], 'high': [4594, 4600], 'liabilities,': [4596], 'though': [4597], 'necessarily': [4599], 'se.': [4603], 'Overall,': [4604], 'like': [4609], 'suggest': [4613], 'influence': [4617], 'abstracts': [4622], 'away': [4623], 'suggests': [4637], 'stronger': [4639], '(and': [4642], 'rules)': [4646], 'associated': [4648, 4675], 'larger': [4650, 4703], 'association': [4656], 'tenuous.': [4664], 'Better': [4665], 'rule': [4671], 'capita,': [4683], 'greater': [4688], 'There': [4696], 'weak': [4700], 'confirms': [4710], 'impressions': [4713], 'II,': [4716], 'points': [4717], 'importance': [4720], 'rules,': [4730], 'indicates': [4732], 'need': [4734], 'systematic': [4737], 'testing': [4738], 'regression': [4741], 'framework.': [4742], 'III.': [4744], 'Investor': [4745], 'according': [4754], 'ranking': [4757], 'in:': [4758], '(a)': [4759], 'Rights;': [4761, 4768], '(b)': [4762], 'One-Vote;': [4765], '(c)': [4766], 'Law;': [4772], 'Growth;': [4775], 'panel,': [4782], 'shows': [4785, 4812], 'bottom': [4796, 4822], 'quartile,': [4797], 'middle': [4799], 'quartiles,': [4801], 'quartile.': [4805], 'row': [4808], 'panel': [4811], 't-statistic': [4814], 'test': [4817], 'quartiles.': [4826], 'Bottom': [4837, 4859], '25%': [4838, 4850, 4860, 4863], '12.05': [4840], 'Mid': [4843], '50%': [4844], '20.03': [4846], 'Top': [4849, 4862], '2.05': [4853], 'Test': [4855, 4886], '(t-statistic)': [4858, 4889], 'vs.': [4861], '−2.50': [4864], '−2.35': [4865], '−1.22': [4867], 'one-share': [4870], 'Not': [4873, 4893], 'One': [4874, 4880, 4890, 4894], 'Vote': [4875, 4881, 4891, 4895], '0.32': [4876], '20.10': [4877], '0.87': [4878], '0.65': [4882], '26.76': [4883], '−2.61': [4896]}, 'cited_by_api_url': 'https://api.openalex.org/works?filter=cites:W3125935778', 'counts_by_year': [{'year': 2024, 'cited_by_count': 16}, {'year': 2023, 'cited_by_count': 48}, {'year': 2022, 'cited_by_count': 22}, {'year': 2021, 'cited_by_count': 21}, {'year': 2020, 'cited_by_count': 20}, {'year': 2019, 'cited_by_count': 19}, {'year': 2018, 'cited_by_count': 24}, {'year': 2017, 'cited_by_count': 35}, {'year': 2016, 'cited_by_count': 68}, {'year': 2015, 'cited_by_count': 94}, {'year': 2014, 'cited_by_count': 99}, {'year': 2013, 'cited_by_count': 99}, {'year': 2012, 'cited_by_count': 149}], 'updated_date': '2024-12-16T13:28:43.188738', 'created_date': '2021-02-01'}
Publication Information

Basic Information

Access and Citation

AI Researcher Chatbot

Primary Location

Authors

Topics

Keywords

Related Works
