This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for investment opportunities of parent and subsidiary firms. We...

This paper evaluates relations between industrial activity and the structure of countries’ financial, ownership and legal systems. Using data on 27 industries in 14 OECD countries over the period 1970 to 1995, we evaluate whether the structure of countries` systems is associated with...

This paper uses a new data-set to examine how internal capital markets and foreign ownership affect investment. Our data allow us to compare investment behaviour of listed subsidiaries with stand-alone firms while controlling for investment opportunities of parent and subsidiary firms. We...

This paper examines how foreign ownership affects the investment decisions of subsidiary firms using a new dataset of listed-parent - listed-subsidiary pairs.  We find that improvements in the investment opportunities of parent firms have a negative effect on the investment of their...

To date, most of Eastern Europe has pursued privatization through markets: auctions, vouchers, mutual funds, and stock market flotations have all been widely advocated. The state has been viewed as an impediment whose involvement in the enterprise sector needs to be terminated at the earliest...

This paper examines the relation between financial, corporate and legal systems and economic performance in different countries. It reviews international comparisons that use large, cross-country databanks, including developing countries. These suggest a strong association of financial...

This paper examines the relation between the institutional structures of advanced OECD countries and the comparative growth and investment of 27 industries in those countries over the period 1970 to 1995. The paper reports a strong relation between the structure of countries’ financial...

This paper examines the relation between financial, corporate and legal systems, and economic performance in different countries. It reviews international comparisons that undertake detailed analyses of individual, developed countries and studies that use large, cross-country data banks,...