scholarly journals Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis

2008 ◽  
Author(s):  
John Armour ◽  
Simon F. Deakin ◽  
Prabirjit Sarkar ◽  
Mathias M. Siems ◽  
Ajit Singh
Keyword(s):  
Stock Market ◽  
Empirical Test ◽  
Market Development ◽  
Stock Market Development ◽  
Shareholder Protection ◽  
Legal Origins

scholarly journals Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis

2009 ◽  
Vol 6 (2) ◽  
pp. 343-380 ◽  
Author(s):  
John Armour ◽  
Simon Deakin ◽  
Prabirjit Sarkar ◽  
Mathias Siems ◽  
Ajit Singh
Keyword(s):  
Stock Market ◽  
Empirical Test ◽  
Market Development ◽  
Stock Market Development ◽  
Shareholder Protection ◽  
Legal Origins

scholarly journals Political Regimes and Stock Market Performance in Africa

2016 ◽  
Vol 16 (3) ◽  
pp. 240-249 ◽  
Author(s):  
Simplice A Asongu ◽  
Jacinta C Nwachukwu
Keyword(s):  
Stock Market ◽  
Political Institutions ◽  
Market Performance ◽  
Press Freedom ◽  
Market Development ◽  
Political Regime ◽  
African Countries ◽  
Stock Market Development ◽  
Legal Origins ◽  
Stock Market Performance

This article assesses the effect of political institutions on stock market performance in 14 African countries for which stock market data are available for the period 1990–2010. The estimation technique used is a two-stage least-squares instrumental variable methodology. Political regime channels of democracy, polity and autocracy are instrumented with legal-origins, religious-legacies, income-levels and press-freedom qualities to account for stock market performance dynamics of capitalisation, value traded, turnover and number of listed companies. The findings show that countries with democratic regimes enjoy higher levels of financial market development compared to their counterparts with autocratic inclinations. As a policy implication, the role of sound political institutions has important effects on both the degree of competition for public office and the quality of public offices that favour stock market development on the African continent.

Stock Market and Shareholder Protection: Are They Important for Economic Growth?

2010 ◽  
Vol 3 (2) ◽  
Author(s):  
Francis Xavier Rathinam ◽  
A. V. Raja
Keyword(s):  
Economic Growth ◽  
Stock Market ◽  
Market Development ◽  
Stock Market Development ◽  
Shareholder Protection ◽  
Procedural Law ◽  
Long Run ◽  
Equilibrium Relationship ◽  
Causality Tests ◽  
The Relationship

This paper tries to determine the long run equilibrium relationship between shareholder protection and stock market development and ultimately their relationship with economic growth in the context of India. A number of causality tests are employed to investigate the long run causal relationship in a system consisting of stock market development, legal development and economic growth. While developments in procedural law and investor protection cause market capitalization, the relationship between stock market and economic growth is ambiguous as the relationship is not consistent for different indicators of stock market development which is contrary to most of the existing literature.

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