This paper examines aggregate primary capital market activity in a cross section of emerging market and developed countries. We analyze data on the value of funds raised domestically via issues of debt and equity securities in public capital markets in 32 countries over the period 1980-95. There...

Most asset pricing theories suggest that asset prices are forward looking and reflect market expectations of future earnings. By aggregating across companies, aggregate market prices may then be used as leading indicators of future growth in aggregate income, as well as its constituent...