Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/212059 
Erscheinungsjahr: 
2007
Schriftenreihe/Nr.: 
Bank of Finland Research Discussion Papers No. 1/2007
Verlag: 
Bank of Finland, Helsinki
Zusammenfassung: 
Finland experienced an extremely severe economic depression in the early 1990s.In the midst of this crisis, significant new legislation was passed that increased supervisory powers official market regulators and reformed bankruptcy procedures significantly decreasing the protection of creditors.We show that the introduction of these new laws resulted in positive abnormal stock returns.The new laws also lead to increases in firms'Tobin's q, especially for more levered firms.In contrast to previous studies, our results also suggest that public supervision of financial markets fosters rather than hampers financial market development.
Schlagwörter: 
corporate governance
bankruptcy
financial supervision
shareholder protection
creditors' rights
corporate valuations
political economy
JEL: 
G34
K22
Persistent Identifier der Erstveröffentlichung: 
ISBN: 
978-952-462-346-9
Dokumentart: 
Working Paper

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