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Are public equity markets important for a firm's investments and growth in emerging economies? We answer this question by analyzing the collapse of India's equity market in 1997, which adversely affected firms' access to equity finance. Using a rich dataset of both public and private firms spanning 1992-2002, we find that the equity market in India funded the growth and investments of small, young, and non-group firms prior to 1997. Following the market's collapse, private and public firms moredoi:10.2139/ssrn.1010116 fatcat:thcd6kqc6jftdin6bf2ik7cm3e