The Functions of the Stock Market and the Fallacies of Shareholder Value

By Institute for New Economic Thinking (INET)

“Academic research on sources of corporate finance shows that, compared with other sources of funds, stock markets in advanced countries have been insignificant suppliers of capital for corporations. The purpose of this essay is to build a rigorous and relevant conception of the evolving role of the stock market in the U.S. corporate economy.”…

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