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Business Finance In Less Developed Capital Markets

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Overview

Business finance in less developed economies cannot be analyzed or measured by the approaches utilized in countries, such as the United States and Great Britain, where stock markets can assess worth and channel capital with reasonable accuracy. Most economic theory dealing with business finance has been developed in precisely this latter environment. By bringing together economists from less developed countries with researchers from the United States and Western Europe, these essays break new ground by focusing on the unique problems of capital markets in the developing world.

The problems of organizing securities markets and such capital market institutions as mutual funds are examined. The sources of financial capital and the interaction of state credit policies and the investment decisions and practices of the private sector are also analyzed. Together these essays provide developmental and business economists with provocative questions and will be of concern to all involved with economic growth in the less developed world.

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Product Details

Meet the Author

KLAUS P. FISCHER is an Adjunct Professor in the Faculty of Administration Sciences at Universite Laval.

GEORGE J. PAPAIOANNOU is Associate Professor and Chairperson of the Department of Banking and Finance at Hofstra University.

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Table of Contents

Illustrations
Introduction: Business Finance in Less Developed Capital Markets: An Emerging Field of Study 1
Pt. I Development of Capital Markets
1 Venture Capital: Is It Appropriate for Developing Countries? 15
Discussant 37
2 Problems of Orthodox Formal Capital Markets in Developing Countries, with Particular Reference to Nigeria 39
3 Securities Market Development and Economic Growth 55
Discussant 66
4 Mutual Funds in Developing Capital Market: A Critical Evaluation of the Turkish Experience 69
Discussant 96
Pt. II Risk and Return in Securities Markets
5 The Chinese New Year, Common-Stock Purchasing, and Cumulative Raw Returns: Is Taiwan's Stock Market Informationally Efficient? 101
Discussant 106
6 Reactions of the Taiwanese Stock Market to Trade Talks with the United States 111
Discussant 121
7 Mutual-Fund Performance in the Brazilian Stock Market, 1984-1985 125
Discussant 134
8 Market-Efficiency (Weak-Form) Tests of the Malaysian Stock Exchange 137
D1scussant 168
Pt. III Asset Management
9 Financial Management and Goal Programming in Imperfect Capital Markets 173
10 Capital Budgeting in Countries with Less Developed Capital Markets: Financial and Ethical Issues 189
Pt. IV Credit and Financing Policy
11 Macro Shocks and Industrial Portfolio Responses: An Econometric Model for LDCs 211
Discussant 227
12 Optimal Corporate Debt Financing and Real Investment Decisions under Controlled Banking Systems 229
Discussant 250
13 Financial Reform, Inflation, and Investment Behavior in Developing Countries: Evidence from Peru 251
Discussant 262
Pt. V Theory of the Firm
14 Enterprise Governance and Growth: Notes on the Theory of the Firm in Less Developed Capital Markets 267
Discussant 281
15 Financial Management in Public Enterprises in India 283
Pt. VI International Capital and Enterprise Incentives
16 Financial Contracting between Non-OPEC Developing Countries and Multinationals for Oil Extraction 295
Discussant 311
17 Investment Incentives and Renegotiation in International Lending 315
Discussant 331
18 Expectations of Devaluation, the Real Rate of Interest, and the Private Sector in a Dual-Currency Economy 335
Discussant 350
Pt. VII Research Directions
19 Research in Business Finance: A Mexican Perspective 355
20 Research Directions: A Theoretical Framework 363
21 Research Directions: International Investments 369
Index 375
About the Editors and Contributors 389
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