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Investor Protection and Firm Liquidity

✍ Scribed by Paul Brockman; Dennis Y. Chung

Book ID
110693193
Publisher
John Wiley and Sons
Year
2003
Tongue
English
Weight
174 KB
Volume
58
Category
Article
ISSN
0022-1082

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## ABSTRACT We present a model of the effects of legal protection of minority shareholders and of cash‐flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 539 large firms from 27 wealthy economies. Consistent with the model, we find evide