What Works in Securities Laws?
研究了49个国家的证券法对股票市场发展的影响，发现强制信息披露和通过责任规则促进私人执法的法律有利于股票市场，而公共执法的效果不明显。
ABSTRACT We examine the effect of securities laws on stock market development in 49 countries. We find little evidence that public enforcement benefits stock markets, but strong evidence that laws mandating disclosure and facilitating private enforcement through liability rules benefit stock markets.