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European Business Organization Law Review

, Volume 1, Issue 1, pp 59–107 | Cite as

Patterns of Legal Change: Shareholder and Creditor Rights in Transition Economies

  • Katharina Pistor
Articles

Keywords

Corporate Governance Transition Economy Legal Rule Minority Shareholder Legal Reform 
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References

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    This information was given by Alexander Shapleigh of USAID. According to USAID, the results have not been equally strong in all countries. Good results were achieved in shareholder rights reforms in Armenia, Kazakhstan, Kyrgyzstan and Romania. For creditor rights, good results were reported for Kazakhstan, Kyrgyzstan, Latvia, Poland, Romania and Ukraine. Since this assessment is highly subjective, in our analysis we include all countries that have received USAID for legal reforms of shareholder and creditor rights.Google Scholar
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    A first attempt is made in Pistor et al. (2000) supra n. 3. Using data on the effectiveness of legal institutions (legality) they show that countries differ remarkably in this respect and that these differences can explain differences in financial market development in transition economies. Using a large sample set (which excludes transition economies), Berkowitz, Pistor and Richard, show that domestic demand for a transplanted legal order is an important determinant for the long-term development of legality (Berkowitz, Pistor and Richard, Economic Development, Legality and the Transplant Effect, EBRD mimeo (1999)).Google Scholar

Copyright information

© T.M.C. Asser Press 2000

Authors and Affiliations

  • Katharina Pistor
    • 1
  1. 1.Kennedy School of GovernmentHarvard UniversityUK

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