Financial markets and the allocation of capital

Financial markets and the allocation of capital


2024年5月5日发(作者:2012免费神马影院电视剧)

JournalofFinancialEconomics58(2000)187}214

Financialmarketsandtheallocation

ofcapital

Je!reyWurgler*

YaleSchoolofManagement,Box208200,NewHaven,CT06520-8200,USA

Received11June1999;receivedinrevisedform30September1999

Abstract

65countries,

thosewithdeveloped"nancialsectorsincreaseinvestmentmoreintheirgrowingindus-

tries,anddecreaseinvestmentmoreintheirdecliningindustries,thanthosewithundevel-

oped"$ciencyofcapitalallocationisnegativelycorrelatedwiththe

extentofstateownershipintheeconomy,positivelycorrelatedwiththeamountof

"rm-speci"cinformationindomesticstockreturns,andpositivelycorrelatedwiththe

icular,strongminorityinvestorrights

appeartocurboverinvestmentindecliningindustries.

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