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Stock Market Developments and Capital Accumulation in India: Does Better Shareholder Protection Matter?

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  • Sarkar, Prabirjit

Abstract

The paper analyses a new leximetric dataset for India relating to the protection of shareholders of the limited liability corporate sector and examines the impact of the changes in the shareholder protection law on economic development through stock market development. It finds no long-term relationship between corporate governance relating to shareholder protection and stock market developments and no relevance of stock market for economic development through capital accumulation.

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File URL: http://mpra.ub.uni-muenchen.de/4996/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 4996.

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Date of creation: Sep 2007
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Handle: RePEc:pra:mprapa:4996

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Keywords: Stock Market; Corporate Governance; Development; India;

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  1. Simeon Djankov & Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer, 2005. "The Law and Economics of Self-Dealing," NBER Working Papers 11883, National Bureau of Economic Research, Inc.
  2. Ross Levine & Sara Zervos, . "Stock markets, banks and economic growth ," CERF Discussion Paper Series 95-11, Economics and Finance Section, School of Social Sciences, Brunel University.
  3. Mathias Siems & Priya Lele, 2006. "Shareholder Protection: A Leximetric Approach," ESRC Centre for Business Research - Working Papers wp324, ESRC Centre for Business Research.
  4. Perron, P., 1990. "Further Evidence On Breaking Trend Functions In Macroeconomics Variables," Papers 350, Princeton, Department of Economics - Econometric Research Program.
  5. Thorsten Beck & Asli Demirguc-Kunt & Ross Levine, 2002. "Law and Finance: why Does Legal Origin Matter?," NBER Working Papers 9379, National Bureau of Economic Research, Inc.
  6. Sonja Fagernäs & Prabirjit Sarkar & Ajit Singh, 2007. "Legal Origin, Shareholder Protection and the Stock Market: New Challenges from Time Series Analysis," ESRC Centre for Business Research - Working Papers wp343, ESRC Centre for Business Research.
  7. Rafael LaPorta & Florencio Lopez de-Silanes & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," Harvard Institute of Economic Research Working Papers 1768, Harvard - Institute of Economic Research.
    • Rafael La Porta & Florencio Lopez-de-Silane & Andrei Shleifer & Robert W. Vishny, 1996. "Law and Finance," NBER Working Papers 5661, National Bureau of Economic Research, Inc.
    • Rafael LaPorta & Florencio Lopez-de-Silanes & Andrei Shleifer & Robert W. Vishny, . "Law and Finance," Working Paper 19451, Harvard University OpenScholar.
    • La Porta, Rafael & Lopez-de-Silanes, Florencio & Shleifer, Andrei & Vishny, Robert W., 1998. "Law and Finance," Scholarly Articles 3451310, Harvard University Department of Economics.
  8. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2004. "Does Financial Liberalization Spur Growth?," Working Paper Research 53, National Bank of Belgium.
  9. Henry, Peter Blair, 2000. "Do stock market liberalizations cause investment booms?," Journal of Financial Economics, Elsevier, vol. 58(1-2), pages 301-334.
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