法律、金融和路径依赖(1)

129I.*StephenJ.Choi199419971994~19951995~19982000~20012002UnKyungParkAndrewGuzmanKonSikKimCharlesSilverRobertaRomanoII.130ComparativeStudiesABCA.Lease,McConnellMikkelson1983301940~19781.2.3.5.44BarclayHolderness1989197819826351311.25420.44104.3Levy198219812510445.51974~1980100Zingales199419871990301/firm-yearsShapleyOLSShapley60~10316%~37Shapley132ComparativeStudies13B.2030Stigler19642020532050261933205050192830205030133GeorgeJ.Stigler,PublicRegulationoftheSecuritiesMarkets,37J.Bus.117,122n.71964.Jarrell198119331926~19392001933193319331933193319331933high-varianceissuesSimon198919331.2.19331926~193319331933~19401933β19331933134ComparativeStudies3019331933193319331934Benston19691935619341926~193419731934466290176193419342193561351934C.101.LaPorta,Lopez-De-Silanes,ShleiferVishnyLLSVLLSV199849512345610610GNPLLSV041234136ComparativeStudiesLLSVOLSGNPLLSVOLSLLS199927LLS20LLSLLS2036301815LLSV2712LLSV15LLSV137LLSV1997LLSV199749LLSVLLSVLLSVGNPOLSLLSVLLSVLLSV2000a33LLSVLLSVLLSVLLSV2000bLLS27LLSV37120LLSV201Q2138ComparativeStudiesQ3LLSVQQLLSVQ5LLSVQ10Black2001199916BrunswickWarburgBrunswickWarburgTroikaDialogTroikaDialogLLSVNenova200013918661Datastream-5.0336.420.54.516.225.4OLS465119~10OLS2.LLSVLLSV3.LLSV199947152LLSV140ComparativeStudiesMahoney2001OLS102GDP19601992GDP0.711Levine19991960198927GDPGDPGDP-Demirguc-KuntMaksimovic1998DM141DMDM30DM24DMGDPLawandOrderscoreWurgler20006528growthinindustrygrossfixedcapitalformationGDPLLSV142ComparativeStudiesJohnson,Boone,BreachFriedman2000JBBF1997~1998JBBFJBBF25LLSVLLSVJBBF1997~1998Morck,YeungYu2000MYYGDPMYYGDPGDPMMY143MMYCheffins200020LSE2020privatemechanismCoffee19144ComparativeStudiesLicht,GoldschmidtSchwartz2001LGSLGSLGSLLSVLGSLLSVLGSLGSLLSVLGSLLSVLLSVLLSVCoffee1999145LLSVIII.LLSV1999Mahoney2001LLSVA146ComparativeStudiesBA.BhattacharyaDaouk20021990349199810338Pistor,RaiserGelfer2000PRGlegality147PRG1990~199819921998PRG123PRG1998PRGGDPOLSPRGBerkowitz,PistorRichard2000BPRLLSV4912BPROLSLLSVLLSVFrancis,KhuranaPereira2001FKPFKP31FKP148ComparativeStudiesOLS1990GNPFKPKFPFKPOLSFKPFKP19981917FKPB.HansmannKraakman200119149Weingast1995Gilson1996150ComparativeStudiesCoffee200119LLSVprivateordering19LLSV1511.Romano198520602050Daines2001198119964481QQQQOLSQ1996Q12002014BebchukCohen20018556152ComparativeStudieslogit2.BebchukCohen2001RyngaertNetter19981986543017371986111919861110111020-3.64-0.59Margotta,McWilliamsMcWilliams19903030198611724153KarpoffMalatesta19891982~1987402619801126198011261985-0.294-0.388PughJahera199010CRSPScholes-Williamsβ154ComparativeStudies3.ReeseWeisbach2000NASDAQ1942ADRADRNASDAQ144APORTALlogit144AGNPLLSV144A1554563.6711941.851Doidge,KarolyiStulz2001DKSDKSQWorldsope1LLSV7144078DKSQ16.5144A36.5QDKSDKSQLLSVQLLSVLLSVDKS156ComparativeStudies4.Meek,RobertsGray1995MRG2261989OLSMRG1989MRGMRGJacksonPan200150MRGDahlquistRobertsson1995157199119975.Black,KraakmanTarassova,2000BKT2090BKTBKTBKTBKTCoffee1999158ComparativeStudiesVaclavKlaudIV.159Neuer❏160ComparativeStudies