By Stijn Classens, Luc Laeven
'A Reader in overseas company Finance' deals an summary of present pondering on six themes: legislation and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic system of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new trends:
• curiosity in overseas features of company finance, relatively particular to rising markets,
• wisdom of the significance of associations in explaining worldwide changes in company finance.
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Additional resources for A Reader in International Corporate Finance, Volume 2
104! 116! 108! 140! 140! 156! 205! 054! 055! 056! 024! 023! 008! 033! 042! 013! 011! 005! 024! 008! 008! 005! 016! 017! 016! 010! 008! 001! 018! 017! 022! 015! 014! 016! 037! 037! 046! 030 2292 2292 2292 2292 1569 1569 1569 1569 Exchange RO 2 No. of obs. 001 2292 33 *, **, and *** indicate significance at the 10, 5, and 1 percent levels, respectively. 036! Chapter One ~1a! Stock Market Liberalization Panel B: ⌬ln~D0P! Panel A: Stock Returns 34 562 Table AIV Stock Market Reaction to First and All Subsequent Stock Market Liberalizations Panel B: ⌬ln~D0P!
To construct an estimate that we can use to test the theory, it is necessary to hold constant the other reform measures and isolate a pure capital market effect. Additionally, the stock market’s response to the other reforms is interesting in its own right. Using the full list of events allows for measurement of the price response to each of the four major reforms. In addition to the problem of confounding macroeconomic reforms, four other methodological issues are involved in measuring the impact of stock market liberalization on equity prices: construction of the event windows in the absence of announcement dates, multiple stock market liberalizations, and accounting for macroeconomic fundamentals and policy endogeneity.
All Unique Stock Market Liberalization Dates from Table II ~2! –~5! only Argentina November 1989 October 1991 October 1991 Brazil March 1988 May 1991 May 1991 Chile May 1987 September 1987 October 1989 January 1992 September 1987 October 1989 January 1992 Colombia February 1991 October 1991 December 1991 February 1991 October 1991 India June 1986 November 1992 November 1992 Korea June 1987 January 1992 January 1992 Malaysia May 1987 December 1988 December 1988 Mexico May 1989 November 1989 November 1989 The Philippines May 1986 July 1986 June 1991 October 1989 July 1986 June 1991 October 1989 Taiwan May 1986 January 1991 January 1991 Thailand January 1988 September 1987 September 1987 Venezuela January 1990 December 1988 December 1988 Table AIII Stock Market Reactions to First Stock Market Liberalization, Alternative Event Dates The regressions are performed using monthly stock market data from December 1976 to December 1994 for Argentina, Brazil, Chile, India, Korea, Mexico, and Thailand.