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Information technology, venture capital and the stock market

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  • Singh, Ajit
  • Singh, Alaka
  • Wiesse, Bruce

Abstract

Abstract This paper investigates the relationship between information technology and the capital markets. The central analytical and policy question addressed here is what kind of financial system or capital market arrangements are most conducive to fostering information technology and its use in the economy. This question is closely related to an old debate about the relative virtues of the Anglo-Saxon financial system based on stock markets, and the German/Japanese bank-based financial model. Which system should developing countries attempt to emulate to foster their economic growth and technological development? This debate has recently taken a fresh turn with the apparent emergence of the “New Economy” in the U.S. The U.S. has not only experienced fast growth of ICT industries but there has also evidently been widespread successful adoption of ICT technology in many areas of the economy. It is suggested that a major reason for the U.S. lead in this area, and the apparent European and Japanese lag, has been the very important enabling and stimulating role of the stock market.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 53718.

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Date of creation: 11 Oct 2000
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Handle: RePEc:pra:mprapa:53718

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Keywords: ICT; development; economy; capital markets; financial system;

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References

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  1. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198292272, October.
  2. Singh, A. & Dhumale, R., 2000. "Globalization, Technology, and Income Inequality: A Critical Analysis," Research Paper, World Institute for Development Economics Research 210, World Institute for Development Economics Research.
  3. Philippe Desbrières & Sophie Manigart & Koen De Waele & Mike Wright & Ken Robbie & Harry Sapienza & Amy Beekman, 1999. "Venture capitalists, investment appraisal and accounting information: a comparative study of the US, UK, France, Belgium and Holland," Working Papers CREGO, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations 0991102, Université de Bourgogne - CREGO EA7317 Centre de recherches en gestion des organisations.
  4. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
  5. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics, Faculty of Economics, University of Cambridge 9206, Faculty of Economics, University of Cambridge.
  6. Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 54994, University Library of Munich, Germany.
  7. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
  8. Gordon, Robert J, 2000. "Does the 'New Economy' Measure up to the Great Inventions of the Past?," CEPR Discussion Papers, C.E.P.R. Discussion Papers 2607, C.E.P.R. Discussion Papers.
  9. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, Elsevier, vol. 47(3), pages 243-277, March.
  10. Franklin Allen, . "Stock Markets and Resource Allocation (Reprint 036)," Rodney L. White Center for Financial Research Working Papers, Wharton School Rodney L. White Center for Financial Research 15-92, Wharton School Rodney L. White Center for Financial Research.
  11. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: U.S. Economic Growth in the Information Age," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 31(1), pages 125-236.
  12. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, Oxford University Press, number 9780198811633, October.
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Cited by:
  1. Singh, Ajit & Singh, Alaka & Weisse, Bruce, 2002. "Corporate Governance, Competetion, The new International Financial Architecture and Large Corporations in Emerging Markets," MPRA Paper 24305, University Library of Munich, Germany.
  2. Singh, Ajit, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," MPRA Paper 24302, University Library of Munich, Germany.
  3. Charles Amo Yartey, 2006. "Financial Development, the Structure of Capital Markets, and the Global Digital Divide," IMF Working Papers 06/258, International Monetary Fund.
  4. Hali Edison & Torsten Sl�k, 2003. "The impact from changes in stock market valuations on investment: new economy versus old economy," Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 35(9), pages 1015-1023.
  5. Fatemeh Faghani & Solmaz Habibi & Seyed Mehdi Tabatabaee & Leila Razavi & Mohammad Kazem Emadzadeh, 2013. "The Role of Information Technology on Stock Market Development," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 3(1), pages 353-358, January.
  6. Torsten Sløk & Hali J. Edison, 2001. "New Economy Stock Valuations and Investmen in the 1990's," IMF Working Papers 01/78, International Monetary Fund.
  7. Ajit Singh & Jack Glen & Ann Zammit & Rafael De-Hoyos & Alaka Singh & Bruce Weisse, 2005. "Shareholder Value Maximisation, Stock Market and New Technology: Should the US Corporate Model be the Universal Standard?," International Review of Applied Economics, Taylor & Francis Journals, Taylor & Francis Journals, vol. 19(4), pages 419-437.

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