Measuring the Functional Efficiency of Capital Markets
AbstractWe apply the accelerator principle to measure the functional efficiency of capital markets. We estimate the elasticity of capital with respect to output using a panel of firms across 44 countries, and compare the results with existing approaches. Furthermore, we correlate our measure with corporate governance institutions.
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Bibliographic InfoPaper provided by Friedrich-Schiller-University Jena, Max-Planck-Institute of Economics in its series Jena Economic Research Papers with number 2008-051.
Date of creation: 18 Jun 2008
Date of revision:
Allocation of capital; accelerator principle; functional efficiency;
Find related papers by JEL classification:
- C00 - Mathematical and Quantitative Methods - - General - - - General
- G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
- P00 - Economic Systems - - General - - - General
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-06-27 (All new papers)
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