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Stock Markets and Corporate Performance: A Comparison of Quoted and Unquoted Firms.

Abstract:

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 technolo...

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Authors


Ian Alexander More by this author
Colin Mayer More by this author
Volume:
571
Publication date:
1991
URN:
uuid:b145b3da-d025-4460-ba6d-4ddccd983da4
Local pid:
oai:economics.ouls.ox.ac.uk:11665
Language:
English

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