Are the Institutions of the Stock Market and the Market for Corporate Control Evolutionary Advances for Developing Countries?
AbstractThis paper explores the question of whether the institution of the stock market is likely to be helpful to developing countries in promoting their real economy and ensuring fast industrial growth. The case for and against the stock market inevitably involves a discussion of the important related subjects of corporate finance and corporate governance. Contrary to the literature the paper arrives at a negative overall assessment of the institution of the stock market in relation to economic development. It also contributes by its policy proposals concerning the markets for corporate control, which again are in conflict with much of the conventional wisdom on the subject.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 24346.
Date of creation: 2010
Date of revision:
Stock market; Market for corporate control; Corporate finance; Corporate governance;
Find related papers by JEL classification:
- O1 - Economic Development, Technological Change, and Growth - - Economic Development
- A1 - General Economics and Teaching - - General Economics
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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