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Download A Reader in International Corporate Finance, Volume 2 by Stijn Classens, Luc Laeven PDF

By Stijn Classens, Luc Laeven

'A Reader in overseas company Finance' deals an summary of present considering on six subject matters: legislation and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic system of finance. This selection of 23 of the main influential articles released within the interval 2000-2006 displays new trends:

• curiosity in foreign features of company finance, fairly particular to rising markets,
• know-how of the significance of associations in explaining worldwide modifications in company finance.

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Additional resources for A Reader in International Corporate Finance, Volume 2

Sample text

Stock market index at time t. If the run-up in emerging market equity prices is the result of booming foreign stock markets, then the coefficient on the Liberalize dummy in equation ~2! should be significantly reduced relative to specification ~1!. Column ~2a! of Table V shows the results. , the inclusion of world stock returns dramatically improves the regression fit. 5 percentage points. S. beta is smaller than the emerging market beta, but is also significant. The EAFE beta is not significant.

Although they barely affect the Liberalize coefficient, the macroeconomic reforms are themselves associated with equity price revaluation. 016. This implies that trade liberalization and privatization are associated with cumulative revaluations of 20 percent and 13 percent respectively. 14 The coefficient on Exchange is negative, but also insignificant. It is interesting to ask whether the estimated stock market revaluation effects of liberalization are statistically distinguishable from those of the economic reforms.

The results, which are presented in Table VI, indicate that the equity price revaluation associated with stock market liberalization is relatively robust to the choice of window length. 030 for the five-month window ~T * Ϫ 4 to T * ! 033. 050, is larger than that for both the five-month and eight-month windows. The implementation-month-only ~T * ! 065, is the largest of all. The fact that the strongest results are those for the window that is least susceptible to the market-timing critique is indeed suggestive of a revaluation effect of stock market liberalization.

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