... term is significant for both bank credit indicators ([6] and [7]) and for stock market capitalization (and marginally for stock market value traded). For all of these indicators of financial development, ... protection, and ACCOUNT of the comprehensiveness of company reports. LEGAL is the first standardized principal component of CREDITOR, ENFORCE, SHRIGHTS, and ACCOUNT, and, therefore, depicts ... portion of the analysis becomes essentially the 29 More specifically, the data set contains LEGAL data for 37 countries, CREDITOR for 44 countries, ENFORCE for 46 countries, SHRIGHTS for...