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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.
Author(s) :
The World Bank
National Bureau of Economic Research
EDHEC Business School
National Bureau of Economic Research
Presentation :
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, governing 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.| Type : | Working paper |
|---|---|
| Date : | le 06/11/2006 |
| Extra information : | For more information, please contact Joanne Finlay, EDHEC Research and Development Department [ joanne.finlay@edhec.edu] The contents of this paper do not necessarily reflect the opinions of EDHEC Business School. |
| Research Cluster : | Finance |
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About EDHEC
Operating from campuses in Lille, Nice, Paris, London and Singapore, EDHEC is one of the world’s top 20 business schools. Fully international and directly connected to the business world, EDHEC is a school for business, rather than a business school, where excellence in teaching and research focuses on innovation to stimulate entrepreneurship and creativity. For business from birth and dedicated to business, EDHEC makes entrepreneurs for life, able to remodel or create successful businesses wherever they work.
EDHEC functions as a genuine laboratory of ideas and produces innovative solutions valued by businesses. The School’s teaching philosophy, inspired by its award-winning research activities, focuses on “learning by doing”.
