Reader in International Corporate Finance, Volume 1 by Luc Laeven, Stijn Claessens

By Luc Laeven, Stijn Claessens

'A Reader in foreign company Finance' bargains an summary of present considering on six issues: legislations and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic climate of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new tendencies: • curiosity in foreign features of company finance, relatively particular to rising markets, • knowledge of the significance of associations in explaining international modifications in company finance.

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There are important problems with including continent dummies. First, continent dummies do not proxy for a clear explanation of why countries in these regions have worse institutions or perform more poorly. 71 and is significant at the one-percent level. Thus, including continent dummies may weaken our ability to identify linkages between financial development and legal origin without offering a clear, alternative explanation. Third, many Sub-Saharan African countries have high settler mortality rates.

However, institutional development also influences economic development (as shown by AJR, 2001), so including GDP per capita together with initial endowments may bias the coefficient on legal origin and settler mortality/latitude toward zero. Further, unlike the other regressors, GDP per capita is endogenous, which causes estimation problems as shown by AJR (2001). Chapter One T. Beck et al. / Journal of Financial Economics 70 (2003) 137–181 17 153 determinants of financial development. The dependent variable is one of the three measures of financial development, PRIVATE CREDIT, STOCK MARKET DEVELOPMENT, or PROPERTY RIGHTS.

Journal of Financial Economics 70 (2003) 137–181 proportion of the cross-country variation in stock market development than legal origin. It is difficult to compare the sizes of the coefficients on SETTLER MORTALITY and FRENCH LEGAL ORIGIN because a change in legal origin is obviously large and discrete. 5). 34 from the endowment change. The effect of the endowment change is approximately 50% larger. Turning to the control variables, the regression analyses do not indicate a robust, consistent relationship between the continent dummy variables, the religious composition measures, the length of national independence, nor the level of ethnic diversity, on the one hand, and financial development, on the other hand, when controlling for legal origin and national endowments.

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