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This paper examines the impact of privatization on stock market size and liquidity in a multinational sample of 31 emerging markets. We find that the intensity of privatization and the use of privatization offerings on the stock market contribute to enhance stock market development (market...
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How the relative development of a country's stock market and banking system affects firms' growth is closely tied to how well developed the country's contracting environment is. How differences in the contracting environment affect the relative development of the stock market or banking system...
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market-based and bank-based systems throughout the world across both developed and underdeveloped economies. The findings … matter for the relative merits of bank-based and market-based financial systems. Market-based systems work better in low rule … of law countries, while bank-based systems are more efficient in high-rule of law countries. These results are consistent …
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