TY  - JOUR
AU  - Djankov,Simeon
AU  - LaPorta,Rafael
AU  - Lopez-de-Silanes,Florencio
AU  - Shleifer,Andrei
TI  - The Law and Economics of Self-Dealing
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 11883
PY  - 2005
Y2  - December 2005
UR  - http://www.nber.org/papers/w11883
L1  - http://www.nber.org/papers/w11883.pdf
N1  - Author contact info:
Simeon Djankov
min
E-Mail: sdjankov@minfin.bg

Rafael La Porta
Dartmouth College
Tuck School
210 Tuck Hall
Hanover, NH  03755
Tel: 603/646-3739
E-Mail: rafael.laporta@dartmouth.edu

Florencio Lopez-de-Silanes
EDHEC Business School
393, Promenade des Anglais BP 3116
06202 Nice Cedex 3
FRANCE
Tel: +33 (0) 4 93 18 78 07
Fax: +33 (0) 4 93 18 78 41
E-Mail: Florencio.lopezdesilanes@edhec.edu

Andrei Shleifer
Department of Economics
Harvard University
Littauer Center M-9
Cambridge, MA 02138
Tel: 617/495-5046
Fax: 617/496-1708
E-Mail: ashleifer@harvard.edu
AB  - We present a new measure of legal protection of minority shareholders against expropriation by corporate insiders: the anti-self-dealing index. Assembled with the help of Lex Mundi law firms, the index is calculated for 72 countries based on legal rules prevailing in 2003, and focuses on private enforcement mechanisms, such as disclosure, approval, and litigation, governing a specific self-dealing transaction. This theoretically-grounded index predicts a variety of stock market outcomes, and generally works better than the commonly used index of anti-director rights.
ER  -