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Si us plau utilitzeu sempre aquest identificador per citar o enllaçar aquest document: https://hdl.handle.net/2445/101697
Worthless Institutions?. The Protection of Minority Investors in Spain in a Long-Term Global Perspective
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[eng] Financial markets have an important relationship with the economic development of a
country. Developed countries are those who already have arrived to an economic stability
and can obtain profits, while developing countries are those who are trying to achieve this
economics stability, most of the times, by adapting its policies to the ones developed
countries have. This is what Mauro F. Guillén explains and studies in one of its recent
papers. He has investigated how state capacity (the administrative capacity and ability that a
country has to formulate and implement policies) affects the institutional adoption of new
policies.
In this paper what we will try to study is if the degree of protection investors have in a country
is related with the level of development of that country. For doing that, we will compare data
collected from Rafael La Porta, and we will analyze the criticisms and comments done to its
work by Randall K. Morck and Mauro F. Guillén.
Besides, we will see the differences that exist in investor protection internationally and we will
analyze why these differences arise. In order to do so, we will use data collected from the
World Bank and we will state the differences that make the rank of one country better than
the other.
Furthermore we will understand the structure that exists behind the investor protection in
Spain. What are the main institutions and entities that are in charge to apply regulations and
laws regarding this investor protection. We will see if there is any difference about protection
inside Spain, among the four different stock markets.
Finally we will explain briefly what are the guarantee funds and investor associations, very
related with investor protection. And we will focus on insider trading when talking about one
of the most important cases of bankruptcy in the US, Lehman Brothers Holdings, Inc. The
fourth-largest U.S. investment bank, initiated the largest bankruptcy proceeding in the U.S
history in 2008.
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Treballs Finals del Grau d'Economia i Empresa, Facultat d'Economia i Empresa, Universitat de Barcelona, Curs: 2015-2016 , Tutora: Paloma Fernández Pérez
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GÓMEZ LARA, Maria. Worthless Institutions?. The Protection of Minority Investors in Spain in a Long-Term Global Perspective. [consulta: 25 de novembre de 2025]. [Disponible a: https://hdl.handle.net/2445/101697]