| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5977 |
| DP5977 Industry Concentration and Welfare - On the Use of Stock Market Evidence from Horizontal Mergers | |
| Johan Stennek; Sven-Olof Fridolfsson | |
| 发表日期 | 2006-12-03 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Does financial development result in capital being reallocated more rapidly to industries where it is most productive? We argue that if this was the case, financially developed countries should see faster growth in industries with investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth implication requires proxies for (latent) global industry investment opportunities. We show that tests relying only on data from specific (benchmark) countries may yield spurious evidence for or against the hypothesis. We therefore develop an alternative approach that combines benchmark-country proxies with a proxy that does not reflect opportunities specific to a country or level of financial development. Our empirical results yield clear support for the capital reallocation hypothesis. |
| 主题 | International Macroeconomics |
| 关键词 | Financial development Sector analysis Growth Measurement error Investment opportunities |
| URL | https://cepr.org/publications/dp5977 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534815 |
| 推荐引用方式 GB/T 7714 | Johan Stennek,Sven-Olof Fridolfsson. DP5977 Industry Concentration and Welfare - On the Use of Stock Market Evidence from Horizontal Mergers. 2006. |
| 条目包含的文件 | 条目无相关文件。 | |||||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
