Abstract

http://ssrn.com/abstract=171921
 
 

References (42)



 
 

Citations (304)



 
 

Footnotes (15)



 


 



Financial Markets And The Allocation Of Capital


Jeffrey Wurgler


NYU Stern School of Business; National Bureau of Economic Research (NBER)

July 1999

Yale ICF Working Paper No. 99-08

Abstract:     
Financial markets appear to improve the allocation of capital--across 65 countries, those with developed financial markets increase investment more in growing industries, and decrease investment more in declining industries, than financially undeveloped countries. The efficiency of capital allocation is also negatively correlated with the extent of state ownership in the economy, and positively correlated with the degree of firm-specific movement in domestic stock returns and the legal protection of investors (which appears to be particularly useful for limiting investment in declining industries).

Number of Pages in PDF File: 40

JEL Classification: E22, G20, N20

working papers series


Download This Paper

Date posted: August 19, 1999  

Suggested Citation

Wurgler, Jeffrey, Financial Markets And The Allocation Of Capital (July 1999). Yale ICF Working Paper No. 99-08. Available at SSRN: http://ssrn.com/abstract=171921 or http://dx.doi.org/10.2139/ssrn.171921

Contact Information

Jeffrey A. Wurgler (Contact Author)
NYU Stern School of Business ( email )
Stern School of Business
44 West 4th Street, Suite 9-190
New York, NY 10012-1126
United States
212-998-0367 (Phone)
212-995-4233 (Fax)
HOME PAGE: http://www.stern.nyu.edu/~jwurgler/
National Bureau of Economic Research (NBER)
1050 Massachusetts Avenue
Cambridge, MA 02138
United States
Feedback to SSRN


Paper statistics
Abstract Views: 17,012
Downloads: 5,230
Download Rank: 638
References:  42
Citations:  304
Footnotes:  15

© 2014 Social Science Electronic Publishing, Inc. All Rights Reserved.  FAQ   Terms of Use   Privacy Policy   Copyright   Contact Us
This page was processed by apollo1 in 1.188 seconds