The state of capital markets looks particularly poor when we consider the efforts already undertaken to improve the macroeconomic environment and reform the institutions believed to foster financial development. In the case of Latin America, the results appear even more discouraging in light of the better evolution of capital markets in East Asia and their rapid growth in developed economies (e...

This article expands on barriers to entry and repositioning theory by examining the moderating effects of small firm owner/manager characteristics on the relationship between their perceptions of capital access barriers and their firm's market penetration. Of particular interest was how these effects varied between public and commercial market segments and industrial sectors. Hierarchical regre...

• issuance of 147,000,000 privatization checks (vouchers) as freely transferable bearer securities, accepted by the State as payment for shares of privatized enterprises (huge educational effect, redistribution of ownership and creation of the securities market); • massive transformation of state-owned enterprises into joint-stock companies and issue of shares of privatized enterprises; • vouch...

In this paper we study the economic determinants of the inter-sectoral distribution of skilled workers and the long-run consequences of imperfect competition on growth within an R&D-based growth model with human capital accumulation. We find that steady-state growth is driven only by incentives to accumulate human capital and is independent of scale effects. In the model imperfect competition h...

Labour and the Market Value of the Firm What role does labour play in firms’ market value? We explore this question using a production-based asset-pricing model with frictions in the adjustment of both capital and labor. We posit that hiring of labour is akin to investment in capital and that the two interact, with the interaction being a crucial determinant of market value behaviour. We use ag...

This study examines the impact of working capital management on firms’ performance and market value of the firms in Nigeria. A sample of fifty four non-financial quoted firms in Nigeria listed on the Nigeria Stock Exchange was used for this study. Data were collected from annual reports of the sampled firms for the period 1995-2009. This result shows there is a significant negative relationship...

We investigate the financial and real implications of corporate cash holdings over different capital market conditions in the period 1972-2008. A recent theoretical work implies that the value of corporate liquidity varies with the supply of external capital and should be higher during market-wide liquidity shocks. We find that for an average firm a marginal dollar in cash holdings has the same...

This paper examines capital market effects of changes in securities regulation. We focus on two key capital market directives in the European Union (EU) that tighten market abuse and transparency regulation and enforcement. All EU member states are required to adopt these two directives but their exact implementation into national law and the design of enforcement regimes differ across member s...