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dc.contributor.authorEklund, Johan E.en_US
dc.contributor.authorDesai, Sameekshaen_US
dc.date.accessioned2008-03-13en_US
dc.date.accessioned2009-07-27T09:40:18Z-
dc.date.available2009-07-27T09:40:18Z-
dc.date.issued2008en_US
dc.identifier.urihttp://hdl.handle.net/10419/25698-
dc.description.abstractIn an efficient economy, capital should be quickly (re)allocated from declining firms and sectors to more profitable investment opportunities. This process is affected by the concentration of corporate control, which in turn is affected by market institutions. We employ a panel of 12,000 firms across 44 countries to estimate the functional efficiency of capital markets. We adapt a measure for the efficiency of capital allocation using the accelerator principle. Our empirical results show weak property rights and highly concentrated ownership reduce the functional efficiency of capital markets. Findings support the economic entrenchment hypothesis but not the legal origins hypothesis.en_US
dc.language.isoengen_US
dc.publisherUniversität Jena und Max-Planck-Institut für Ökonomik Jenaen_US
dc.relation.ispartofseriesJena economic research papers 2008,012en_US
dc.subject.jelG32en_US
dc.subject.jelL20en_US
dc.subject.jelP00en_US
dc.subject.keywordAllocation of capitalen_US
dc.subject.keywordaccelerator principleen_US
dc.subject.keywordownershipen_US
dc.subject.keywordfunctional efficiencyen_US
dc.subject.keywordeconomic entrenchmenten_US
dc.subject.stwFinanzmarkten_US
dc.subject.stwAllokationseffizienzen_US
dc.subject.stwEigentümerstrukturen_US
dc.subject.stwWirtschaftskonzentrationen_US
dc.subject.stwWelten_US
dc.titleOwnership, economic entrenchment and allocation of capitalen_US
dc.typeWorking Paperen_US
dc.identifier.ppn559804555en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
Appears in Collections:Jena Economic Research Papers, MPI für Ökonomik

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