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Liberalisation, the Stock Market and the Market for Corporate Control: A Bridge Too Far for the Indian Economy?

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Author Info

  • Singh, A.

Abstract

An 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 Info

Paper provided by Faculty of Economics, University of Cambridge in its series Accounting and Finance Discussion Papers with number 97-af35.

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Date of creation: May 1997
Date of revision:
Handle: RePEc:cam:camafp:97-af35

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Web page: http://www.econ.cam.ac.uk/index.htm

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Cited by:
  1. Jack Glen & Ajit Singh, 2004. "Corporate Governance, Competition And Finance: Re-Thinking Lessons From The Asian Crisis," ESRC Centre for Business Research - Working Papers wp288, ESRC Centre for Business Research.
  2. Singh, Ajit, 2003. "Corporate governance, the big business groups and the G-7 reform agenda: A critical analysis," MPRA Paper 24663, University Library of Munich, Germany.
  3. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets," MPRA Paper 24305, University Library of Munich, Germany.
  4. Simon deakin & Ajit Singh, 2008. "The Stock Market, the Market for Corporate Control and the Theory of the Firm: Legal and Economic Perspectives and Implications for Public Policy," ESRC Centre for Business Research - Working Papers wp365, ESRC Centre for Business Research.
  5. Singh, Ajit, 1998. "The Asian Model: A Crisis Foretold?," MPRA Paper 24683, University Library of Munich, Germany.
  6. Ajit Singh & Jack Glen & Ann Zammitt & Rafael De Hoyos & Alaka Singh & Bruce Weisse, 2005. "Shareholder value maximisation, stock market and new technology: should the US corporate model be the universal standard," ESRC Centre for Business Research - Working Papers wp315, ESRC Centre for Business Research.
  7. Ajit Singh, 2002. "Competition and competition policy in emerging markets: international and developmental dimensions," ESRC Centre for Business Research - Working Papers wp246, ESRC Centre for Business Research.
  8. Singh, Ajit, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," MPRA Paper 24302, University Library of Munich, Germany.
  9. Ajit Singh & Ann Zammit, 2006. "Corporate Governance, Crony Capitalism and Economic Crises: should the US business model replace the Asian way of "doing business"?," Corporate Governance: An International Review, Wiley Blackwell, vol. 14(4), pages 220-233, 07.
  10. Ajit Singh, 2002. "Competition, corporate governance and selection in emerging markets," ESRC Centre for Business Research - Working Papers wp247, ESRC Centre for Business Research.
  11. Glen, J. & Lee, K. & Singh. A., 2000. "Competition, Corporate Governance and Financing of corporate Growth in Emerging Markets," Accounting and Finance Discussion Papers 00-af46, Faculty of Economics, University of Cambridge.
  12. Kamat, Manoj & Kamat, Manasvi, 2007. "The New Information Age & the Stock Market Growth Puzzle," MPRA Paper 5158, University Library of Munich, Germany.
  13. Singh, Ajit, 2010. "Are the Institutions of the Stock Market and the Market for Corporate Control Evolutionary Advances for Developing Countries?," MPRA Paper 24346, University Library of Munich, Germany.
  14. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.

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