Financially Interlinked Business Groups

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Business groups, financing constraints and investment: the case of India (2003, background): “In markets rendered imperfect by asymmetric information, group membership may signal high quality, because of assortative matching of high quality firms [Ghatak and Kali, 2001] or relative stability in cash flows [Gangopadhyay and Lensink, 2001], reducing the harmful effects of adverse selection.”
Business Groups in Emerging Markets: Paragons or Parasites? (2007, background): “On the theory side, there are only a handful of relevant models – Kali (1999) studies the endogenous formation of business networks in response to limited contract enforcement by the legal system; he has also modeled imperfect information in capital markets as another possible motive (Ghatak and Kal”
A Theory of Pyramidal Ownership and Family Business Groups (2005, unknown): “argues that business groups act as a risk sharing mechanism. Ghatak and Kali (2001) explain”