This study examines how equity market fragmentation affects firms’ capital investment decisions. Recent empirical … precision information to managers and/or creditors about firms’ investment opportunities. Consistent with this notion, our … findings reveal that the association between capital investment and investment opportunities is increasing in market …

This article summarises the empirical literature on the impact of financial development on investment. It presents a … topical analysis of empirical research that focuses mainly on the interaction between financial development and investment …, determinants and measurement of both financial development and investment, and empirical findings on the relationship between the …