Legal Determinants of External Finance
用49国数据证明，投资者保护（法律规则与执法质量）越弱的国家，资本市场规模越小、范围越窄，且法国民法系国家表现最差。
ABSTRACT Using a sample of 49 countries, we show that countries with poorer investor protections, measured by both the character of legal rules and the quality of law enforcement, have smaller and narrower capital markets. These findings apply to both equity and debt markets. In particular, French civil law countries have both the weakest investor protections and the least developed capital markets, especially as compared to common law countries.