The Law and Economics of Self-Dealing

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 index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enf...

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Bibliographic Details
Main Authors:	Djankov, Simeon, La Porta, Rafael, Lopez-de-Silanes, Florencio, Shleifer, Andrei
Format:	Journal Article
Language:	EN
Published:	2012
Subjects:	Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Corporate Finance and Governance: Government Policy and Regulation G380 Corporation and Securities Law K220
Online Access:	http://hdl.handle.net/10986/5661

id	okr-10986-5661
recordtype	oai_dc
spelling	okr-10986-56612021-04-23T14:02:23Z The Law and Economics of Self-Dealing Djankov, Simeon La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Corporate Finance and Governance: Government Policy and Regulation G380 Corporation and Securities Law K220 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 index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, that govern a specific self-dealing transaction. This theoretically grounded index predicts a variety of stock market outcomes, and generally works better than the previously introduced index of anti-director rights. 2012-03-30T07:33:55Z 2012-03-30T07:33:55Z 2008 Journal Article Journal of Financial Economics 0304405X http://hdl.handle.net/10986/5661 EN http://creativecommons.org/licenses/by-nc-nd/3.0/igo World Bank Journal Article
repository_type	Digital Repository
institution_category	Foreign Institution
institution	Digital Repositories
building	World Bank Open Knowledge Repository
collection	World Bank
language	EN
topic	Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Corporate Finance and Governance: Government Policy and Regulation G380 Corporation and Securities Law K220
spellingShingle	Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Corporate Finance and Governance: Government Policy and Regulation G380 Corporation and Securities Law K220 Djankov, Simeon La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei The Law and Economics of Self-Dealing
relation	http://creativecommons.org/licenses/by-nc-nd/3.0/igo
description	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 index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, that govern a specific self-dealing transaction. This theoretically grounded index predicts a variety of stock market outcomes, and generally works better than the previously introduced index of anti-director rights.
format	Journal Article
author	Djankov, Simeon La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei
author_facet	Djankov, Simeon La Porta, Rafael Lopez-de-Silanes, Florencio Shleifer, Andrei
author_sort	Djankov, Simeon
title	The Law and Economics of Self-Dealing
title_short	The Law and Economics of Self-Dealing
title_full	The Law and Economics of Self-Dealing
title_fullStr	The Law and Economics of Self-Dealing
title_full_unstemmed	The Law and Economics of Self-Dealing
title_sort	law and economics of self-dealing
publishDate	2012
url	http://hdl.handle.net/10986/5661
_version_	1764395858972901376

The Law and Economics of Self-Dealing

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