@techreport{NBERw7974,
 title = "Investor Protection and Equity Markets",
 author = "Andrei Shleifer and Daniel Wolfenson",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "7974",
 year = "2000",
 month = "October",
 URL = "http://www.nber.org/papers/w7974",
 abstract = {We present a simple model of an entrepreneur going public in an environment with poor legal protection of outside shareholders. The model incorporates elements of Becker's (1968)  crime and punishment' framework into a corporate finance environment of Jensen and Meckling (1976). We examine the entrepreneur's decision and the market equilibrium. The model is consistent with a number of empirical regularities concerning the relationship between investor protection and corporate finance.},
}