Napoleon, bourses, and growth : with a focus on Latin America century America

Of equal relevance to policymakers, countries where legal codes stress the rights of shareholders and where the regulatory system rigorously encourages corporate information disclosure tend to have better developed financial markets. Many Latin American governments fail to augment the functioning of private markets. Specifically, they do not encourage the dissemination of comparable high-quality corporate financial statements and fail to provide effective legal protection to minority shareholders. Part of Latin America"s approach to markets is due to its Napoleonic legal heritage. Together, these legal/regulatory features help account for the comparably underdeveloped state of Latin America"s bourses and its disappointing growth. (Author abstract)