Internal capital markets and the competition for corporate resources：（内部资本市场和公司资源的竞争）.pdfVIP

American Finance Association Internal Capital Markets and the Competition for Corporate Resources Author(s): Jeremy C. Stein Source: The Journal of Finance, Vol. 52, No. 1 (Mar., 1997), pp. 111-133 Published by: Blackwell Publishing for the American Finance Association Stable URL: /stable/2329558 Accessed: 21/01/2009 09:41 Your use of the JSTOR archive indicates your acceptance of JSTORs Terms and Conditions of Use, available at /page/info/about/policies/terms.jsp. JSTORs Terms and Conditions of Use provides, in part, that unless you have obtained prior permission, you may not download an entire issue of a journal or multiple copies of articles, and you may use content in the JSTOR archive only for your personal, non-commercial use. Please contact the publisher regarding any further use of this work. Publisher contact information may be obtained at /action/showPublisher?publisherCode=black. Each copy of any part of a JSTOR transmission must contain the same copyright notice that appears on the screen or printed page of such transmission. JSTOR is a not-for-profit organization founded in 1995 to build trusted digital archives for scholarship. We work with the scholarly community to preserve their work and the materials they rely upon, and to build a common research platform that promotes the discovery and use of these resources. For more information about JSTOR, please contact support@. Blackwell Publishing and American Finance Association are collaborating with JSTOR to digitize, preserve and extend access to The Journal of Finance. THE JOURNAL OF FINANCE * VOL. LII, NO. 1 * MARCH 1997 Internal Capital Markets and the Competition for Corporate Resources JEREMY C. STEIN* ABSTRACT This article examines the role of corporate headquarters in