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The Journal of Private Equity

The Journal of Private Equity

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Article

Is the Public Sector Generating Sufficient Revenue from Its Resources? The Investment Behavior of Public and Private Firms

Suresh Chandra Bihari and Neeraj Sundar Pradhan
The Journal of Private Equity Spring 2016, 19 (2) 53-59; DOI: https://doi.org/10.3905/jpe.2016.19.2.053
Suresh Chandra Bihari
is a professor at IBS Hyderabad in Hyderabad, India.
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  • For correspondence: drbihari@ibsindia.org
Neeraj Sundar Pradhan
is an MBA candidate at IBS Hyderabad in Hyderabad, India.
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  • For correspondence: neerajspradhan@gmail.com
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Abstract

Public and private firms invest differently. Stock markets provide investors with liquidity and opportunities for diversification and reduce firms’ cost of capital. The authors evaluate the differences in investment behavior between market-listed and privately held firms in India using a new data source on private firms. They observe that listed firms invest less and are less responsive to changes in investment opportunities than private firms. These differences are not because of unobserved differences between public and private firms, how they measure investment opportunities, or lifecycle differences. The patterns are consistent with theoretical models emphasizing the role of managerial myopia.

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The Journal of Private Equity: 19 (2)
The Journal of Private Equity
Vol. 19, Issue 2
Spring 2016
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Is the Public Sector Generating Sufficient Revenue from Its Resources? The Investment Behavior of Public and Private Firms
Suresh Chandra Bihari, Neeraj Sundar Pradhan
The Journal of Private Equity Feb 2016, 19 (2) 53-59; DOI: 10.3905/jpe.2016.19.2.053

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Is the Public Sector Generating Sufficient Revenue from Its Resources? The Investment Behavior of Public and Private Firms
Suresh Chandra Bihari, Neeraj Sundar Pradhan
The Journal of Private Equity Feb 2016, 19 (2) 53-59; DOI: 10.3905/jpe.2016.19.2.053
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