ABSTRACT. Kousis and McCulloch put it that a strong, well-functioning capital market is essential to the economic prospects of New Zealand. Agarwal's study supports the Levine and Zervos's argument that well-developed stock markets may be able to offer a different kind of financial services than the banking system, and provide an extra impetus to economic activity. Antràs et al. remark that with verifiable monitoring equity shares are not an optimal mechanism for transferring utility from the entrepreneur to the inventor.



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