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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.

Suggested Citation

  • Singh, Ajit & Singh, Alaka & Wiesse, Bruce, 2000. "Information technology, venture capital and the stock market," MPRA Paper 53718, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:53718
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    File URL: https://mpra.ub.uni-muenchen.de/53718/1/MPRA_paper_53718.pdf
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    References listed on IDEAS

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    1. Ajit Singh, 1998. "Savings, investment and the corporation in the East Asian miracle," Journal of Development Studies, Taylor & Francis Journals, vol. 34(6), pages 112-137.
    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. 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.
    6. Hicks, J. R., 1969. "A Theory of Economic History," OUP Catalogue, Oxford University Press, number 9780198811633.
    7. Ajit Singh, 1999. "Should Africa promote stock market capitalism?," Journal of International Development, John Wiley & Sons, Ltd., vol. 11(3), pages 343-365.
    8. Shleifer, Andrei, 2000. "Inefficient Markets: An Introduction to Behavioral Finance," OUP Catalogue, Oxford University Press, number 9780198292272.
    9. Singh, Ajit, 1994. "Corporate financial patterns in industrialising economies: a comparative international study," MPRA Paper 54936, University Library of Munich, Germany.
    10. 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.
    11. Singh, A., 1991. "Corporate Takeovers: A Review," Cambridge Working Papers in Economics 9206, Faculty of Economics, University of Cambridge.
    12. Franklin Allen, "undated". "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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    Citations

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    Cited by:

    1. 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, Finance and Management Sciences, vol. 3(1), pages 353-358, January.
    2. 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.
    3. 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, vol. 19(4), pages 419-437.
    4. Ajit Singh, 2003. "Corporate governance, corporate finance and stock markets in emerging countries," Working Papers wp258, Centre for Business Research, University of Cambridge.
    5. Hali Edison & Torsten Sløk, 2003. "The impact from changes in stock market valuations on investment: new economy versus old economy," Applied Economics, Taylor & Francis Journals, vol. 35(9), pages 1015-1023.
    6. Torsten M Sloek & Hali J Edison, 2001. "New Economy Stock Valuations and Investment in the 1990s," IMF Working Papers 01/78, International Monetary Fund.
    7. Charles Amo Yartey, 2006. "Financial Development, the Structure of Capital Markets, and the Global Digital Divide," IMF Working Papers 06/258, International Monetary Fund.

    More about this item

    Keywords

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

    JEL classification:

    • G1 - Financial Economics - - General Financial Markets
    • G2 - Financial Economics - - Financial Institutions and Services
    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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