Financial markets and the allocation of capital
研究了65个国家的数据，发现金融发达的国家能更有效地将资本配置到增长行业并减少对衰退行业的投资，资本配置效率与国有化程度负相关，与企业信息透明度及投资者法律保护正相关。
Financial markets appear to improve the allocation of capital. Across 65 countries, those with developed financial sectors increase investment more in their growing industries, and decrease investment more in their declining industries, than those with undeveloped financial sectors. The efficiency of capital allocation is negatively correlated with the extent of state ownership in the economy, positively correlated with the amount of firm-specific information in domestic stock returns, and positively correlated with the legal protection of minority investors. In particular, strong minority investor rights appear to curb overinvestment in declining industries.