November 5, 1996 FINANCIAL REGULATION IN THE GLOBAL ECONOMY AS PROPERTY RIGHTS Randall Morck * and Bernard Yeung ** *Jarislowsky Professor of Finance, Faculty of Business, University of Alberta, Edmonton, Canada T6G 2R6. **Associate Professor of International Business, Graduate School of Business, University of Michigan, Ann Arbor MI, USA. This paper was completed while Bernard Yeung was visiting the Milken Institute for Job and Capital Formation.