Replacing investment shares in GDP by growth rates of capital stock, this paper first shows that cross-country regressions can explain East Asian high rates of economic growth remarkable well. The result is observationally consistent with recent growth accounting studies which proposed that...

Introducing informational asymmetry, this paper shows that endogeneous stock price fluctuations may make the stock price highly volatile in a present value model. In the analysis, we assume that the firm's productivity is stochastic and can be good type or bad type. We also assume that the firm...