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

Robert B. Dickie and Thomas A. Layman
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Robert B. Dickie: Boston University
Thomas A. Layman: Institute of International Finance

Chapter 5 in Foreign Investment and Government Policy in the Third World, 1988, pp 167-215 from Palgrave Macmillan

Abstract: 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.

Keywords: Stock Market; Capital Market; Stock Exchange; Institutional Investor; Foreign Firm (search for similar items in EconPapers)
Date: 1988
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-09157-7_5

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DOI: 10.1007/978-1-349-09157-7_5

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