Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?
AbstractAn outstanding feature of the Indian economic reform in the recent period has been the fast expansion of stock markets and their growing role in the economy. The paper first reviews the stock market reforms and analyses the effects of stock market expansion on corporate growth and the real economy. Second, it examines the proposed next stage of the reforms: the establishment of a market for corporate control. The paper offers analyses and evidence to suggest that this reform is more likely to harm than help the real economy at India's present stage of development.
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Bibliographic InfoPaper provided by Faculty of Economics, University of Cambridge in its series Accounting and Finance Discussion Papers with number 97-af35.
Date of creation: May 1997
Date of revision:
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Web page: http://www.econ.cam.ac.uk/index.htm
Other versions of this item:
- Singh, Ajit, 1998. "Liberalisation, the stock market and the market for corporate control: a bridge too far for the Indian economy?," MPRA Paper 54929, University Library of Munich, Germany.
- F6 - International Economics - - Economic Impacts of Globalization
- G0 - Financial Economics - - General
- G3 - Financial Economics - - Corporate Finance and Governance
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Cosh, A. D. & Hughes, A. & Lee, K. & Singh, A., 1989. "Institutional investment, mergers and the market for corporate control," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 73-100, March.
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- Odagiri, Hiroyuki & Hase, Tatsuo, 1989. "Are mergers and acquisitions going to be popular in Japan too? : An empirical study," International Journal of Industrial Organization, Elsevier, vol. 7(1), pages 49-72, March.
- Cosh, Andy & Hughes, Alan & Lee, Kevin & Singh, Ajit, 1996. "Takeovers, institutional investment and the persistence of profits," MPRA Paper 39061, University Library of Munich, Germany.
- Jensen, Michael C, 1988. "Takeovers: Their Causes and Consequences," Journal of Economic Perspectives, American Economic Association, vol. 2(1), pages 21-48, Winter.
- Mueller, Dennis C., 1992. "The corporation and the economist," International Journal of Industrial Organization, Elsevier, vol. 10(2), pages 147-170, June.
- Sanford J. Grossman & Oliver D. Hart, 1980. "Takeover Bids, the Free-Rider Problem, and the Theory of the Corporation," Bell Journal of Economics, The RAND Corporation, vol. 11(1), pages 42-64, Spring.
- Marris, Robin & Mueller, Dennis C, 1980. "The Corporation, Competition, and the Invisible Hand," Journal of Economic Literature, American Economic Association, vol. 18(1), pages 32-63, March.
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