Business Finance in Less Developed Capital Markets

by Klaus P. Fischer, ed., George J. Papaioannou, ed.


By bringing together economists from less developed countries with researchers from the U.S. and Western Europe, the essays in this collection break new ground by focusing on the unique problems of capital markets in the developing world.

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December 1992


Pages 416
Volumes 1
Size 6 1/8x9 1/4
Topics Economics/Policy
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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.

Table of Contents

Business Finance in Less-Developed Capital Markets: An Emerging Field of Study by Klaus P. Fischer and George J. Papaioannou
Development of Capital Markets
Venture Capital: Is It Appropriate for Developing Countries? by Richard Kitchen
Problems of Orthodox Formal Capital Markets in Developing Countries, with Particular Reference to Nigeria by Ade T. Ojo
Securities Market Development and Economic Growth by P. C. Kumar and George Tsetsekos
Mutual Funds in Developing Capital Markets: A Critical Evaluation of Turkish Experience by Yaman Asikoglou, Sevil Kutay, and Ozer Ertuna
Discussants' Comments: Frank Tuzzolino, Asmo. P. Palasvirta, and Demir Yener
Risk and Return in Securities Markets
Chinese New Year, Common Stock Purchasing, and Cumulative Excess Returns: Is the Taiwanese Stock Market Informationally Inefficient? by C. F. Lee, Gili Yen, and Chingfu Chang
Reactions of the Taiwanese Stock Market to Trade Talks with the U.S. by Gili Yen and Philip Chang
Mutual Fund Performance in the Brazilian Stock Market: 1984-1985 by Antonio Zoratto Sanvicente and Everaldo Guedes Franca
Market Efficiency (Weak-Form) Tests of the Malaysian Stock Exchange by Othman Yong
Discussants' Comments: Hugh Haworth, Mahendra R. Gujarathi, Martin Lawrence, and G. Wenchi Kao
Asset Management
Financial Management and Goal Programming in Imperfect Capital Markets by Edgar Ortiz and Graciela Bueno
Capital Budgeting in Countries with Less-Developed Capital Markets: Financial and Ethical Issues by Marjorie T. Stanley
The Joint Venture Game in Poland by Aleksander Sulejewicz
Discussants' Comments: Linda Allen
Credit and Financing Policy
Macro Shocks and Industrial Portfolio Responses: An Econometric Model for LDCs by James Tybout and Taeho Bark
Optimal Corporate Debt Financing and Real Investment Decisions under Controlled Banking Systems by Mansoor Dailami
Interest Rate Reform and Private Investment Behavior in Developing Countries: Evidence from Peru by Uwe Corsepius
Discussants' Comments: Ashok Vora, C. F. Lee, and Esmeralda Lyn
Theory of the Firm
Enterprise Governance and Growth: Notes on the Theory of the Firm in Less-Developed Capital Markets by Stavros B. Thomadakis
Financial Management in Public Enterprises in India by V. N. Hukku
Discussant's Comments: Lemma W. Senbet
International Capital and Enterprise Incentives
Financial Contracting between Non-OPEC Developing Countries and Multinationals for Oil Extraction by Daniel D. Tzang
Investment Incentives and Renegotiation in International Lending by George C. Anayiotos
Expectations of Devaluation, the Real Rate of Interest and the Private Sector in a Dual Currency Economy by Graciana del Castillo
Discussants' Comments: Jeffrey Weiss, Ishac Diwan, and Sarath Abeysekera
Panel Discussion: Research Directions
Research in Business Finance: A Mexican Perspective by Edgar Ortiz
Research Directions: A Theoretical Framework by Lemma W. Senbet
Research Directions: International Investments by Vihang Errunza

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