Investment and Institutions

Abstract

We study how financial systems and institutional environments affect investment efficiency using a sample of some 300,000 firm-years from 48 countries. Based on a canonical investment model, we identify two possible channels by which institutional environments may affect investment: firm-level financial frictions and the macro-level required rate of return… (More)

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Cite this paper

@inproceedings{Claessens2010InvestmentAI, title={Investment and Institutions}, author={Stijn Claessens and Kenichi Ueda and Yishay Yafeh and Zeynep Elif Aksoy}, year={2010} }