Capital markets and capital allocation: Implications for economies in transition

By Artyom Durnev, Kan Li, Randall K. Morck, Bernard Yeung. 2004

176 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/33a6bc9fbd10d9d8b80152db739ca43f938db108

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Citations in the corpus

Corporate Governance, Economic Entrenchment and Growth (2005, unknown): “16 See Durnev et al. (2004).”
Institutions, ownership structures, and distress resolution in China☆ (2013, background): “The prevalence of crony bank lending (Charumilind et al., 2006; Johnson and Mitton, 2003; Khawaja and Mian, 2005; Sapienza, 2004) and weak corporate governance mechanisms at the micro level creates an unfriendly financing environment for entrepreneurs (Durnev et al., 2004).”
Formal Versus Informal Finance : Evidence from China (2008, unknown): “Durnev et al. (2004) show that compared to other transition economies, China has one of the poorest functioning stock markets, with highly synchronous stock returns that can be linked to weak property rights, corporate opacity, and political rent seeking.”
Business Environment, Exports, Ownership, and Firm Performance (2011, unknown): “For the financial market angle, see Durnev et al. (2004).”
Reputational Sanctions in China's Securities Market (2007, background): “8 Durnev et al. (2004, pp. 593, 595-96) compare the U.S., “a more functionally efficient market,” with China, “a more functionally inefficient market” where functional efficiency refers to the ability of a stock market to allocate capital to its highest value uses. Fox et al. (2004) show, in a study”
Creative destruction and firm-specific performance heterogeneity (2007, background): “Pastor and Veronesi (2003), Fama and French (2004), Fink, Fink, Grullon, and Weston (2005), Bennett and Sias (2006), Davis, Haltiwanger, Jarmin, and Miranda (2006), and Brown and Kapadia (2007) link rising firm-specific stock return variation to the growing importance of smaller, younger firms.”
Two Faces: Effects of Business Groups on Innovation in Emerging Economies (2004, background): “…illiquid status of capital markets and lack of explicit market for corporate control in emerging economies mean that firms face a more difficult task in communicating the value of their ideas and their ability to execute their projects to the would-be investor (Allen 1993, Durnev et al. 2004).”