| 来源类型 | FEEM working papers "Note di lavoro" series |
| 规范类型 | 论文 |
| Security versus Bank Finance: the Importance of a Proper Enforcement of Legal Rules | |
| Enrico C. Perotti; Franco Modigliani | |
| 发表日期 | 1999 |
| 出处 | Economy and Society |
| 出版年 | 1999 |
| 语种 | 英语 |
| 摘要 | We argue that in an unreliable enforcement regime, transactions tend to become intermediated through institutions or concentrated among agents bound by some form of private enforcement. Provision of funding shifts from risk capital to debt, and from markets to institutions with long term relations. When minority investors' rights are poorly protected, the ability of firms to raise equity capital is impaired, leading to less finance for new risky ventures. More generally, fewer firms will be financed with outside equity, resulting in a low capitalisation relative to GNP and a predominance of internal (unlisted) equity and bank lending over traded securities. We report some supporting evidence on a small set of countries on the correlation between investor protection and development of security markets. We use existing measures of investor protection and corruption, as well as a price measure, the premium on voting stock, which is related to the control premium. In countries where the voting premium is large, corporate financing is dominated by bank lending and equity markets are much smaller. The other indicators are also consistent with our hypothesis, although the sample size is limited. |
| 特色分类 | G15,G30,K22,K42 |
| 关键词 | Financial systems,Enforcement of law,Investor protection |
| URL | https://www.feem.it/en/publications/feem-working-papers-note-di-lavoro-series/security-versus-bank-finance-the-importance-of-a-proper-enforcement-of-legal-rules/ |
| 来源智库 | Fondazione Eni Enrico Mattei (Italy) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/116429 |
| 推荐引用方式 GB/T 7714 | Enrico C. Perotti,Franco Modigliani. Security versus Bank Finance: the Importance of a Proper Enforcement of Legal Rules. 1999. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| NDL1999-037.pdf（54KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
