@techreport{NBERw8852,
 title = "Property Rights and Finance",
 author = "Simon Johnson and John McMillan and Christopher Woodruff",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "8852",
 year = "2002",
 month = "March",
 URL = "http://www.nber.org/papers/w8852",
 abstract = {Which is the tighter constraint on private sector investment: weak property rights or limited access to external finance?  From a survey of new firms in post-communist countries, we find that weak property rights discourage firms from reinvesting their profits, even when bank loans are available.  Where property rights are relatively strong, firms reinvest their profits; where they are relatively weak, entrepreneurs do not want to invest from retained earnings.},
}