2.3.4 Conclusion

This section has used the CBR shareholder protection index in order to show how ownership disclosure mies have evolved over time. The general trend is that countries have lowered the threshold that triggers ownership disclosure. The results indicate that developed and EU countries provide stricter mies on ownership disclosure than the others countries of our sample. The results also indicate that by 2005, the end of the sample period, there was strong convergence towards the 5% level for initial ownership disclosure.