Measuring the functional efficiency of capital markets

We apply the accelerator principle to measure the functional efficiency of capital markets. We estimate the elasticity of capital with respect to output using a panel of firms across 44 countries, and compare the results with existing approaches. Furthermore, we correlate our measure with corporate governance institutions.

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Year of publication:	2008
Authors:	Eklund, Johan E. ; Desai, Sameeksha
Publisher:	Jena : Friedrich Schiller University Jena and Max Planck Institute of Economics
Subject:	Finanzmarkt \| Allokationseffizienz \| Investition \| Elastizität \| Tobin's Q \| Unternehmensentwicklung \| Wertschöpfung \| Corporate Governance \| Schätzung \| Welt \| Allocation of capital \| accelerator principle \| functional efficiency

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Series:	Jena Economic Research Papers ; 2008,051
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Working Paper
Language:	English
Other identifiers:	571271308 [GVK] hdl:10419/25732 [Handle]
Classification:	C00 - Mathematical and Quantitative Methods. General ; G32 - Financing Policy; Capital and Ownership Structure ; P00 - Economic Systems. General
Source:	EconStor

Persistent link: https://www.econbiz.de/10010263887