The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence

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dc.contributor.author Tadesse, Solomon en_US
dc.date.accessioned 2007-10-25T20:20:14Z
dc.date.available 2007-10-25T20:20:14Z
dc.date.issued 2003-03-01 en_US
dc.identifier.other RePEc:wdi:papers:2007-881 en_US
dc.identifier.uri http://hdl.handle.net/2027.42/57261 en_US
dc.description.abstract Capital markets perform two distinct functions: provision of capital and facilitation of good governance through information production and monitoring. I argue that the governance function has more impact on the efficiency with which resources are utilized within the firm. Based on industry level data across thirty-eight countries, I present evidence suggesting a positive relation between market-based governance and improvements in industry efficiency. The measures of governance are also positively correlated with productivity improvements and growth in real output. Furthermore, while governance affects efficiency, the capital provision services induce technological change. The evidence underscores the role of capital markets as a conduit of socially valuable governance services as distinct from capital provision en_US
dc.format.extent 291475 bytes
dc.format.extent 1802 bytes
dc.format.mimetype application/pdf
dc.format.mimetype text/plain
dc.relation.ispartofseries 881 en_US
dc.subject Corporate Governance, Information Aggregation, Monitoring, Economic Efficiency, Productivity, Economic Growth en_US
dc.subject.other G3, G34, G14, E44, O16 en_US
dc.title The Allocation and Monitoring Role of Capital Markets: Theory and International Evidence en_US
dc.type Working Paper en_US
dc.subject.hlbsecondlevel Economics en_US
dc.subject.hlbtoplevel Business en_US
dc.contributor.affiliationum William Davidson Institute en_US
dc.description.bitstreamurl http://deepblue.lib.umich.edu/bitstream/2027.42/57261/1/wp881 .pdf en_US
dc.owningcollname William Davidson Institute (WDI) - Working Papers
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