증권시장 위법행위들의 효율적 억지시스템에 관한 법경제학적 분석 = A Law-and-Economics Analysis on the Efficient Deterrent System against Harmful Activities in the Securities Market

다국어 초록 (Multilingual Abstract)

La Porta, Lopez-de-Silanes, and Shleifer(2006)(LLS hereafter) has recently undertaken a path-breaking empirical analysis based on a massive amount of legal and economic data related to the securities markets of 49 countries. LLS has focused on the effect of securities laws on deterring various harmful activities and on developing stock markets. LLS has found little evidence that public enforcement benefits stock markets, but strong evidence that `laws (regulations)` mandating disclosure and facilitating private enforcement through `liability rules` benefit stock markets. This empirical verification by LLS provides significant implications not only to policy makers but to law and economic scholars who have independently studied on the optimal combination of `regulation` and the `liability rule.` Starting from brief theoretical discussions, this paper explores the LLS data in various ways to better reflect beneficial effects of the joint use of `regulation` and the `liability rule.` Finally, the paper offers immediate future research agenda to contribute to designing an efficient deterrent system against harmful activities in the Korean securities market.

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