Publication:
Issuer Composition and Stock Market Growth

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dc.contributor.authorDoumbia, Djeneba
dc.contributor.authorUl Haq, Imtiaz
dc.contributor.authorSaltane, Valentina
dc.date.accessioned2023-07-25T15:55:56Z
dc.date.available2023-07-25T15:55:56Z
dc.date.issued2023-07-25
dc.description.abstractDoes issuer composition change as stock markets grow, and, if so, how An increase in market capitalization may be driven by growth on the intensive or extensive margin. Such growth may also influence the level of market concentration and diversity among listed firms. Using a novel dataset, this paper examines how the number, concentration, and sectoral diversity of issuers change as domestic stock markets grow, with a focus on low- and middle-income countries. The results show that an increase in stock market capitalization tends to be associated with only growth on the intensive margin. Greater market activity, however, is linked to entry of new issuers and for low- and middle-income countries, also to marginally lower market concentration. However, there is no evidence that sectoral diversity changes with market size or activity. These findings have important implications for firm financing as stock markets may not necessarily become more inclusive as they grow.en
dc.identifierhttp://documents.worldbank.org/curated/en/099753507242336587/IDU04f1af1550fd0d04bcd0b87102df750858956
dc.identifier.doi10.1596/1813-9450-10523
dc.identifier.urihttps://openknowledge.worldbank.org/handle/10986/40075
dc.languageEnglish
dc.language.isoen
dc.publisherWorld Bank, Washington, DC
dc.relation.ispartofseriesPolicy Research Working Papers; 10523
dc.rightsCC BY 3.0 IGO
dc.rights.holderWorld Bank
dc.rights.urihttps://creativecommons.org/licenses/by/3.0/igo/
dc.subjectSTOCK MARKET
dc.subjectISSUER COMPOSITION
dc.subjectEQUITY ISSUERS
dc.subjectSECTORAL DIVERSITY
dc.subjectDOMESTIC STOCK MARKET GROWTH
dc.subjectECONOMIC OUTCOME OF STOCK ISSUERS
dc.titleIssuer Composition and Stock Market Growthen
dc.typeWorking Paper
dspace.entity.typePublication
okr.crossref.titleIssuer Composition and Stock Market Growth
okr.date.disclosure2023-07-24
okr.date.lastmodified2023-07-24T00:00:00Zen
okr.doctypePolicy Research Working Paper
okr.doctypePublications & Research
okr.docurlhttp://documents.worldbank.org/curated/en/099753507242336587/IDU04f1af1550fd0d04bcd0b87102df750858956
okr.guid099753507242336587
okr.identifier.docmidIDU-4f1af155-fd0d-4bcd-b871-2df750858956
okr.identifier.doi10.1596/1813-9450-10523
okr.identifier.doihttp://dx.doi.org/10.1596/1813-9450-10523
okr.identifier.externaldocumentum34122167
okr.identifier.internaldocumentum34122167
okr.identifier.reportWPS10523
okr.import.id1235
okr.importedtrueen
okr.language.supporteden
okr.pdfurlhttp://documents.worldbank.org/curated/en/099753507242336587/pdf/IDU04f1af1550fd0d04bcd0b87102df750858956.pdfen
okr.topicFinance and Financial Sector Development::Finance and Development
okr.topicMacroeconomics and Economic Growth::Economic Growth
okr.topicMacroeconomics and Economic Growth::Economic Theory & Research
okr.unitEFI-AFR2-MTI-MacroFiscal-2 (EAWM2)
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