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reviews the debate about marketbased vs. bank-based financial systems. Using data for a sample of 40 countries over the period … economic growth, but the degree to which a financial system is market- or bank-based cannot explain economic development across …
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We empirically examine a seldom-tested nexus of relationships that is fundamental to corporate finance theory: that having access to public capital markets may allow firms to grow faster, but may not be value-enhancing due to investment distortions arising from owner-manager conflicts. We use a...
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