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Investment in Segmented Capital Markets

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Author Info
Nabi, Ijaz
Abstract

This paper analyzes differences in the investment behavior of firms with unequal access to the capital market. Using empirical evidence from Pakistan, characteristics of formal and informal capital markets are described. Probabilities are estimated for firms being selected in the formal capital market where credit is cheap. Investment behavior is then analyzed using a switching regressions model. It is concluded that "favored" firms use more capital-intensive technologies and realize their investment plans more quickly than "excluded" firms do. Investment determinants related to entrepreneurial features are also identified. Copyright 1989, the President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Article provided by MIT Press in its journal Quarterly Journal of Economics.

Volume (Year): 104 (1989)
Issue (Month): 3 (August)
Pages: 453-62
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Handle: RePEc:tpr:qjecon:v:104:y:1989:i:3:p:453-62

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  10. Fabio Schiantarelli & Andrew Weiss & Fidel Jaramillo, 1993. "Capital Market Imperfections Before And After Financial Liberization: An Euler Equation Approach To Panel Data For Ecuadorian Firms," Boston College Working Papers in Economics 221, Boston College Department of Economics. [Downloadable!]
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