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

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  • Sarkar, Prabirjit

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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Bibliographic Info

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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References

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  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.
  2. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Centre interuniversitaire de recherche en économie quantitative, CIREQ.
  3. Beck, T.H.L. & Demirgüç-Kunt , A. & Levine, R., 2003. "Law and finance: Why does legal origin matter?," Open Access publications from Tilburg University urn:nbn:nl:ui:12-3125511, Tilburg University.
  4. Singh, Ajit, 1996. "Financial liberalisation,stockmarkets and economic development," MPRA Paper 53897, University Library of Munich, Germany.
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Cited by:
  1. Prabirjit Sarkar, 2007. "Trend of Legal Globalisation and Stock Market Development," Papers of the Annual IUE-SUNY Cortland Conference in Economics, in: Proceedings of the Conference on Globalization and Its Discontents, pages 120-130 Izmir University of Economics.
  2. John Armour & Simon Deakin & Prabirjit Sarkar & Mathias Siems & Ajit Singh, 2007. "Shareholder Protection and Stock Market Development: An Empirical Test of the Legal Origins Hypothesis," ESRC Centre for Business Research - Working Papers wp358, ESRC Centre for Business Research.
  3. Sarkar, Prabirjit, 2007. "Capital Accumulation in Less Developed Countries: Does Stock Market Matter?," MPRA Paper 5053, University Library of Munich, Germany.
  4. Prabirjit Sarkar & Ajit Singh, 2010. "Law, finance and development: further analyses of longitudinal data," Cambridge Journal of Economics, Oxford University Press, vol. 34(2), pages 325-346, March.
  5. Deakin, Simon & Sarkar, Prabirjit & Singh, Ajit, 2011. "An end to consensus? the selective impact of corporate law reform on financial development," MPRA Paper 39047, University Library of Munich, Germany.
  6. Sarkar, Prabirjit, 2007. "Trade Openness and Growth: Is There Any Link?," MPRA Paper 4997, University Library of Munich, Germany.
  7. sarkar, prabirjit, 2011. "Common Law vs. Civil Law: Which System Provides More Protection to Shareholders and Creditors and Promotes Financial Development," MPRA Paper 32930, University Library of Munich, Germany.
  8. Deakin, Simon & Sarkar, Prabirjit & Singh, Ajit, 2010. "An End to Consensus? The (Non) Impact of Legal Reforms on Financial Development," MPRA Paper 53352, University Library of Munich, Germany.
  9. 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.
  10. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," ESRC Centre for Business Research - Working Papers wp369, ESRC Centre for Business Research.
  11. Simon Deakin, 2008. "Legal Origin, Juridical Form and Industrialisation in Historical Perspective: The Case of the Employment Contract and the Joint-Stock Company," WEF Working Papers 0042, ESRC World Economy and Finance Research Programme, Birkbeck, University of London.

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