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Cited by 1,777

The DOI matches its Crossref record; 4 of the 4 references it cites were found in a registry or an index.

Internal Capital Markets and the Competition for Corporate Resources

STEIN, JEREMY C.·1997·The Journal of Finance
DOI 10.1111/j.1540-6261.1997.tb03810.x
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Abstract

This article examines the role of corporate headquarters in allocating scarce resources to competing projects in an internal capital market. Unlike a bank, headquarters has control rights that enable it to engage in “winner‐picking”—the practice of actively shifting funds from one project to another. By doing a good job in the winner‐picking dimension, headquarters can create value even when it cannot help at all to relax overall firm‐wide credit constraints. The model implies that internal capital markets may sometimes function more efficiently when headquarters oversees a small and focused set of projects.

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Crossref · 10.1111/j.1540-6261.1997.tb03810.x

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Metadata

Authors
STEIN, J. C.
Venue
The Journal of Finance
Publisher
Wiley
Published
1997-03
Volume
52
Issue
1
Pages
111-133
ISSN
  • 0022-1082 (ISSN-L)
  • 1540-6261
DOI
10.1111/j.1540-6261.1997.tb03810.x
OpenAlex
W2035238630
Cited by
1,777
References
4
FWCI
152.54
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Internal Capital Markets and the Competition for Corporate Resources. https://app.cochat.ai/papers/10.1111/j.1540-6261.1997.tb03810.x
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STEIN, J. C. (1997). Internal Capital Markets and the Competition for Corporate Resources. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1997.tb03810.x

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.