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Stock Market Development and Capital Accumulation: Does Law Matter? A Case Study of India

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Author Info
Sarkar, Prabirjit

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Abstract

Stock market development has been an important part of financial liberalisation in the less developed countries (LDCs). In the pro-liberalisation circle, stock market is assigned to play an important role in the capitalist development of the LDCs. This is also true for the liberalisation regime of India. With the recognition of the importance of stock market in economic development there is a call for a better protection of the interests of the shareholders. In this perspective we shall examine whether share market developments have any long-term relationship with capital accumulation and whether legal changes promoting the interest of the shareholders exerted any long-term effect on Indian share market developments.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5052.

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Date of creation: 06 Feb 2007
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Handle: RePEc:pra:mprapa:5052

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Keywords: corporate governance shareholder protection capital accumulation development India

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Find related papers by JEL classification:
K22 - Law and Economics - - Regulation and Business Law - - - Corporation and Securities Law
O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment
O53 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East

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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.:
  1. Levine, Ross & Zervos, Sara, 1998. "Stock Markets, Banks, and Economic Growth," American Economic Review, American Economic Association, vol. 88(3), pages 537-58, June. [Downloadable!] (restricted)
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  2. Singh, Ajit, 1997. "Financial Liberalisation, Stockmarkets and Economic Development," Economic Journal, Royal Economic Society, vol. 107(442), pages 771-82, May. [Downloadable!] (restricted)
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  3. Perron, Pierre, 1997. "Further evidence on breaking trend functions in macroeconomic variables," Journal of Econometrics, Elsevier, vol. 80(2), pages 355-385, October. [Downloadable!] (restricted)
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  4. Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 2003. "Law and finance: why does legal origin matter?," Journal of Comparative Economics, Elsevier, vol. 31(4), pages 653-675, December. [Downloadable!] (restricted)
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Cited by:
(explanations, 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.)

  1. 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. [Downloadable!]
    Other versions:
  2. Sarkar, Prabirjit, 2007. "Capital Accumulation in Less Developed Countries: Does Stock Market Matter?," MPRA Paper 5053, University Library of Munich, Germany. [Downloadable!]
  3. Sarkar, Prabirjit, 2007. "Trend of Legal Globalisation and Stock Market Development," MPRA Paper 5051, University Library of Munich, Germany. [Downloadable!]
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