2002 3
expropriation 1 4 6 1
Berglof Von Thadden1999 Gorton Schimid1999 Lins(1999) Reputation Building ADR 2 LaPortaLopezdeSilanesShleifer Vishny LLSV LLSV 49 LLSV LLSV 4 LLSV 2
LLSV1999 1997 Johnson Mitton 2001 Hellwig1999 3 LLSV1998 1999a 3
1 2 3 Actors 4
LLSV LLSV LLSV 49 1 Judicial Theories Discretion 5
2 Political Theories The Anglo-American Political Tradition 1684 1776 6
1 La Porta et al. 1997 2 La Porta et al. 1997 3 Kumar, Rajan Zingales 1999 4 Claessens et al. 1999 La Porta et al.1999 5 La Porta et al. 2000 6 La Porta, Lopez-de-Silanes Sheleifer 1999, Claessens et al. 2000 7 Zingles, 1994, Nenova 1999 8 Wurgler 2000 9 Johnson 1999 1 / GNP GNP 60% 35.45 2.23 68% 19% 11.89 0.28 56% 46% 16.79 0.12 97% 30% 27.26 2.14 57% 49 40% 21.59 1.02 59% Johnson Simon and Andrei Shleifer. 2001. Privatization and Corporate Governance. Manuscript. Harvard Business School. 7
Neur Market 8
1 4 18 21 6 49 4.00 2.33 2.33 3.00 3.00 39% 5% 0% 25% 18% 100% 57% 17% 100% 71% 28% 29% 33% 0% 27% 94% 29% 50% 0% 53% 44% 62% 33% 75% 53% 94% 52% 0% 0% 78% 3.11 1.58 2.33 2.00 2.30 72 26 67 25 49 (no automatic stay on secured assets) 89 65 100 100 81 72 42 33 75 55 78 26 33 0 45 8.15 6.56 8.54 10.00 7.67 7.06 5.84 8.03 10.00 6.90 69.92 51.17 62.67 74.00 60.93 LLSV 8 1 0 1 0 2 1 0 3 1 0 4 1 common law civil law 9
1 0 5 1 0 10 6 1 0 7 1 33 10 1 8 27 06 4 4 04 1 0 2 1 0 3 1 0 4 1 0 4 1 19801983 2 ICR 19821985 3 19821995 4 1990 7 90 LLSVInvestor ProtectionOriginConsequencesReform NBER Working Paper No.7428 10
2002 2001 8 2000 11 Bebchuk, Lucian. 1999. The Rent Protection Theory of Corporate Ownship and Control. Cambridge, Mass: Harvard Business School. Coase, Ronald,1960, The Firm, the Market, and the Law. Chicago: Univ. of Chicago Press. Johnson, Simon, and Andrei Shlefier. 1999. Coase v. the Coasians. Law and Finance. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Sheifer, Robert W. Vishny. 1999, Investor Protection: Origins, Consequences, Reform. The World Bank. Financial Sector Discussion Paper No. 1. Johnson Simon and Andrei Shleifer. 2001. Privatization and Corporate Governance.Manuscript. Harvard Business School. 11