In the present paper author will try to point out that government debt as a percentage of GDP has a negative impact on stock prices in the long run, while entrepreneurial caliber has a positive effect on stock prices in the long run. Data are annual and cover Western European economies for the...

The phenomenon of underpricing initial public offerings is documented for 53 share issue privatizations in Egypt between 1994 and 1998. Over several intervals (up to five years), I find mixed results: share issue privatizations sustain their positive performance and provide investors with...

This paper extends the economic growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...