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The Equity Market: A Study in Legal and Institutional Infrastructural Development

In: Foreign Investment and Government Policy in the Third World

Author

Listed:
  • Robert B. Dickie

    (Boston University)

  • Thomas A. Layman

    (Institute of International Finance)

Abstract

During the past twenty years, many Third World countries have attempted to establish local stock markets. Included among these countries are Brazil, South Korea, Malaysia, Mexico, Nigeria, Pakistan, the Philippines, Singapore, Taiwan and Thailand.1 These attempts have produced mixed results,2 but in virtually all cases the evolution of securities markets has had only a limited impact in intermediating financial resources for the Third World economic development. The reasons most often cited are lack of investor confidence due to poor information and insider manipulation, the high risk, and market imperfections that have hindered the allocation of capital to the most efficient companies.

Suggested Citation

  • Robert B. Dickie & Thomas A. Layman, 1988. "The Equity Market: A Study in Legal and Institutional Infrastructural Development," Palgrave Macmillan Books, in: Foreign Investment and Government Policy in the Third World, chapter 5, pages 167-215, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-09157-7_5
    DOI: 10.1007/978-1-349-09157-7_5
    as

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