标题：Enforcement and the Effectiveness of Laws and Regulations
汇报人：Lei Lu (Shanghai University of Finance & Economics)
功夫：4月16日（周五）10:00-11:30am
地址：J9集团国际站新楼217教室
提要：We empirically examine the impact of two distinct laws, announced and implemented during the same period, on publicly listed firms in China. The first law prohibits controlling shareholders and related parties to divert assets from listed firms for ‘non-operational’ purposes, while the second aims to standardize the practice of listed firms providing loan guarantees. Relative to firms not affected by the law, firms complying with the first law experience a reduction in the ownership stakes of controlling shareholders, an increase in investment, and significantly better performance. We do not find such relationships for the second law. Our results indicate laws that are more clearly defined and easier to enforce will be more effective, especially in countries with weak institutions.
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