Business Finance in Less Developed Capital Markets

Table of contents

• Recent Titles in Contributions in Economics and Economic History ii
• Title Page iii
• Contents v
• Illustrations ix
• Introduction: Business Finance in Less Developed Capital Markets 1
• References 11
• Part I Development of Capital Markets 13
• 1: Venture Capital: Is It Appropriate for Developing Countries? 15
• References 35
• 2: Problems of Orthodox Formal Capital Markets in Developing Countries, with Particular Reference to Nigeria 39
• Notes 53
• References 53
• 3: Securities Market Development and Economic Growth 55
• References 64
• 4: Mutual Funds in Developing Capital Markets: A Critical Evaluation of the Turkish Experience 69
• References 95
• Part II Risk and Return in Securities Markets 99
• 5: The Chinese New Year, Common- Stock Purchasing, and Cumulative Raw Returns: Is Taiwan's Stock Market Informationally Efficient? 101
• References 105
• 6: Reactions of the Taiwanese Stock Market to Trade Talks with the United States 111
• References 119
• 7: Mutual-Fund Performance in the Brazilian Stock Market, 1984-1985 125
• 8: Market-Efficiency (weak-Form) Tests of the Malaysian Stock Exchange 137
• Part III Asset Management 171
• 9: Financial Management and Goal Programming in Imperfect Capital Markets 173
• Part IV Credit and Financing Policy 209
• 11: Macro Shocks and Industrial Portfolio Responses: Econometric Model for Ldcs 211
• Notes 224
• References 225
• 12: Optimal Corporate Debt Financing and Real Investment Decisions Under Controlled Banking Systems 229
• Notes 246
• Notes 247
• 13: Financial Reform, Inflation, and Investment Behavior in Developing Countries: Evidence from Peru 251
• Notes 260
• Data Sources 260
• References 260
• Part V Theory of the Firm 265
• 14: Enterprise Governance and Growth: Notes on the Theory of the Firm in Less Developed Capital Markets 267
• 15: Financial Management in Public Enterprises in India 283
• Part VI International Capital and Enterprise Incentives 293
• 16: Financial Contracting Between Non-Opec Developing Countries and Multinationals for Oil Extraction 295
• References 309
• 17: Investment Incentives and Renegotiation in International Lending 315
• References 330
• References 333
• 18: Expectations of Devaluation, the Real Rate of Interest, and the Private Sector in a Dual-Currency Economy 346
• Notes 347
• References 348
• Part VII Research Directions 353
• 19: Research in Business Finance: A Mexican Perspective 355
• 20: Research Directions: A Theoretical Framework 363
• 21: Research Directions: International Investments 369
• Index 375
• About the Editors and Contributors 389

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