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Information Technology, Venture Capital and the Stock Market

  • Singh, Ajit
  • Singh, Alaka
  • Wiess, Bruce

This paper investigates the relationship between information technology and capital markets, specifically the enabling and stimulating role of the stock market in the `new economy.' A multivariate analysis is used to test the hypothesis that, other things being equal, a more fully developed and mature stock market encourages both faster development of ICT and its use. The findings reveal that stock markets are neither a necessary nor sufficient condition for promoting the development of ICT. Many economies, particularly in Northern Europe, have been able to achieve a high degree of ICT development without a central role for US-style venture capital, IPOs and stock market institutions. Others, with long flourishing stock markets, have failed to become leaders in ICT development. Even in relation to the US where the stock market has, arguably, enhanced the diffusion of ICT in the economy, the paper suggests the markets are not without considerable downsides.

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Paper provided by Faculty of Economics, University of Cambridge in its series Accounting and Finance Discussion Papers with number 00-af47.

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Date of creation: Dec 2000
Date of revision:
Handle: RePEc:cam:camafp:00-af47
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  1. Dale W. Jorgenson & Kevin J. Stiroh, 2000. "Raising the Speed Limit: US Economic Growth in the Information Age," OECD Economics Department Working Papers 261, OECD Publishing.
  2. Black, Bernard S. & Gilson, Ronald J., 1998. "Venture capital and the structure of capital markets: banks versus stock markets," Journal of Financial Economics, Elsevier, vol. 47(3), pages 243-277, March.
  3. Singh, A. & Dhumale, R., 2000. "Globalization, Technology, and Income Inequality: A Critical Analysis," Research Paper 210, World Institute for Development Economics Research.
  4. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
  5. Singh, Ajit, 1997. "Savings, investment and the corporation in the East Asian miracle," MPRA Paper 54994, University Library of Munich, Germany.
  6. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633, July.
  7. Singh, Ajit, 1998. "Should Africa Promote Stock Market Capitalism?," MPRA Paper 51846, University Library of Munich, Germany.
  8. Sophie Manigart & Koen De Waele* & Mike Wright & Ken Robbie & Philippe Desbrières & Harry Sapienza & Amy Beekman, 2000. "Venture capitalists, investment appraisal and accounting information: a comparative study of the USA, UK, France, Belgium and Holland," European Financial Management, European Financial Management Association, vol. 6(3), pages 389-403.
  9. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
  10. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
  11. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272, July.
  12. Franklin Allen, . "Stock Markets and Resource Allocation (Reprint 036)," Rodney L. White Center for Financial Research Working Papers 15-92, Wharton School Rodney L. White Center for Financial Research.
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