| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP571 |
| DP571 Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms | |
| Colin Mayer; Ian Alexander | |
| 发表日期 | 1991-08-01 |
| 出版年 | 1991 |
| 语种 | 英语 |
| 摘要 | This paper examines the influence of stock markets on corporate performance. It compares large private and publicly listed companies in the UK. It finds that, controlling for size and industry, quoted firms invest more and grow more rapidly than unquoted firms. They earn higher profits and pay out a higher proportion of their earnings as dividends. They raise more equity finance but use this to purchase equity in other companies. In contrast, private companies are concentrated in low technology industries. There is therefore no evidence of adverse effects of stock markets on corporate performance. The proposition that firms are involuntarily driven to seek listings, however, cannot be rejected. |
| 关键词 | Corporate finance and investment Short termism Stock markets |
| URL | https://cepr.org/publications/dp571 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/529729 |
| 推荐引用方式 GB/T 7714 | Colin Mayer,Ian Alexander. DP571 Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms. 1991. |
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