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
ଝ
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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