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Internal Capital Market in Emerging Markets: Expropriation and Mitigating Financing Constraints
2008
Social Science Research Network
This paper studies internal capital market in emerging market business groups using Chinese data. We focus on two aspects of the internal capital market that are less prominent in the developed markets: a cross-financing to get over severe financing constraints that are often prevalent in emerging market economies, and the rampant expropriation of minority shareholders under the weak corporate governance environment. We document the existence and interaction of both in China and discuss the
doi:10.2139/ssrn.1107614
fatcat:wmyddo3vrjhqtgfmnnar5rtowu