This paper examines the role of culture and legal origins in explaining differences in investor protection across countries. It finds that religion is a significant predictor of creditor rights, while language and religion are important predictors of the enforcement of rights. The legal origin of a country's laws also plays a role in investor protection, with common law countries protecting investors better than civil law countries. However, culture proxies seem to be more important than legal origins for creditor rights. The paper also finds that openness to international trade is more closely tied to creditor rights than to shareholder rights. The results suggest that culture and legal origins affect different aspects of financial development. Stock market development depends on a country's legal origin, while debt markets and banking development depend on culture. The paper concludes that culture matters for investor rights, and that religion is important for creditor rights but not for shareholder rights. The findings support the idea that culture and legal origins are important determinants of financial development.This paper examines the role of culture and legal origins in explaining differences in investor protection across countries. It finds that religion is a significant predictor of creditor rights, while language and religion are important predictors of the enforcement of rights. The legal origin of a country's laws also plays a role in investor protection, with common law countries protecting investors better than civil law countries. However, culture proxies seem to be more important than legal origins for creditor rights. The paper also finds that openness to international trade is more closely tied to creditor rights than to shareholder rights. The results suggest that culture and legal origins affect different aspects of financial development. Stock market development depends on a country's legal origin, while debt markets and banking development depend on culture. The paper concludes that culture matters for investor rights, and that religion is important for creditor rights but not for shareholder rights. The findings support the idea that culture and legal origins are important determinants of financial development.