1 option
Investor Protection and Equity Markets / Andrei Shleifer, Daniel Wolfenson.
- Format:
- Book
- Author/Creator:
- Shleifer, Andrei.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w7974.
- NBER working paper series no. w7974
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2000.
- Summary:
- We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Becker's (1968) crime and punishment' framework into a corporate finance environment of Jensen and Meckling (1976). We examine the entrepreneur's decision and the market equilibrium. The model is consistent with a number of empirical regularities concerning the relationship between investor protection and corporate finance.
- Notes:
- Print version record
- October 2000.
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