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dc.contributor.authorEklund, Johan E.en
dc.contributor.authorDesai, Sameekshaen
dc.date.accessioned2008-03-13-
dc.date.accessioned2009-07-27T09:40:18Z-
dc.date.available2009-07-27T09:40:18Z-
dc.date.issued2008-
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
dc.language.isoengen
dc.publisher|aFriedrich Schiller University Jena and Max Planck Institute of Economics |cJenaen
dc.relation.ispartofseries|aJena Economic Research Papers |x2008,012en
dc.subject.jelG32en
dc.subject.jelL20en
dc.subject.jelP00en
dc.subject.ddc330en
dc.subject.keywordAllocation of capitalen
dc.subject.keywordaccelerator principleen
dc.subject.keywordownershipen
dc.subject.keywordfunctional efficiencyen
dc.subject.keywordeconomic entrenchmenten
dc.subject.stwFinanzmarkten
dc.subject.stwAllokationseffizienzen
dc.subject.stwEigentümerstrukturen
dc.subject.stwWirtschaftskonzentrationen
dc.subject.stwWelten
dc.titleOwnership, economic entrenchment and allocation of capital-
dc.typeWorking Paperen
dc.identifier.ppn559804555en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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