Law and Equity Markets: A Simple Model
Law and Equity Markets: A Simple Model
复制标题
法律和股票市场：一个简单的模型
DOI：
10.2139/ssrn.209312
复制
发表时间：
1999
期刊：
影响因子：
--
通讯作者：
M. Pagano
中科院分区：
文献类型：
--
作者：
D. Lombardo;M. Pagano
我们分析了法律及其执行如何影响股票市场均衡。法律的制度的改进，虽然总是与更广泛的股票市场有关，但对股票收益有不同的影响，这取决于所考虑的制度变革和国际股票市场分割的程度。该模型对于解释最近的实证工作的结果很有用，例如La Porta等人（1997）以及Lombardo和Pagano（1999）。特别是，它可以使观察到的跨国模式合理化，即更好的机构与更广泛的股票市场和更高的风险调整股本回报率相关联。
We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while invariably associated with broader equity markets, have different effects on equity returns depending on the institutional change considered and on the degree of international stock market segmentation. The model is useful to interpret the results of recent empirical work, such as La Porta et al. (1997) and Lombardo and Pagano (1999). In particular, it can rationalize the observed cross-country pattern, whereby better institutions are associated both with broader equity markets and higher risk-adjusted returns on equity.