For the product of anti-director rights and judicial efficiency, the regression coefficient is significant in all three of the usual specifications. The adjusted R-squared is consistently 0.22-0.23. Using the product of anti-director rights and corruption or the product of anti-director rights and the rule of law gives similar results. Using import coverage rather than reserves does not make the governance variable insignificant in any specification, and in one case (the product of corruption and anti-director rights), the effect is to make the governance variable significant at the 5% level.