The “Antidirector Rights Index” Revisited
重新审查了La Porta等人提出的反董事权利指数，发现46个国家中有33个需要修正，修正后指数与原始值相关性仅0.53，且无法支持三个广泛引用的结论，提醒研究者谨慎使用该指数。
The “antidirector rights index” has been used as a measure of shareholder protection in over a hundred articles since it was introduced by La Porta et al. (“Law and Finance.” 1998, Journal of Political Economy 106:1113–55). A thorough reexamination of the legal data, however, leads to corrections for thirty-three of the forty-six countries analyzed. The correlation between corrected and original values is only 0.53. Consequently, many empirical results established using the original index may not be replicable with corrected values. In particular, the corrected index fails to support three widely influential claims: that shareholder protection is higher in common than in civil law countries; that shareholder protection predicts stock market size or ownership dispersion; and that weak corporate governance explains the extent of exchange rate depreciation during the Asian financial crisis of 1997–1998.