A crucial issue in the era of globalization and internationalization of
real and financial markets is whether the relationship between investment
and finance is beneficial to growth and development.
Two fundamental facts must be considered to illustrate the scenario
in which this interaction takes place: (i) information (ex ante on firm’s
prospects or ex post on realized returns) cannot be gathered without
costs, so that market equilibria typically occur among agents with heterogeneous
information sets (Grossman and Stiglitz, 1980). As a consequence,
firms’ managers have informational advantages over financial
investors and, in financial markets, more-informed investors