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

By Stijn Classens, Luc Laeven

ISBN-10: 0821367005

ISBN-13: 9780821367001

'A Reader in foreign 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 financial system of finance. This selection of 23 of the main influential articles released within the interval 2000-2006 displays new trends:

• curiosity in overseas points of company finance, fairly particular to rising markets,
• information of the significance of associations in explaining international transformations in company finance.

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

Example text

The ai are country-specific dummies. 11 Hence, the parameter g measures the average monthly abnormal return across all 12 countries during the eight-month stock market liberalization window. B. Multiple Stock Market Liberalizations Table AI shows that most countries’ initial stock market liberalization did not constitute a complete opening to foreign investors. Rather, stock market liberalization is a gradual process generally involving several liberalizations subsequent to the first. Inasmuch as it is part of a broader set of economic reforms geared toward increased openness, news of the first stock market liberalization is also implicit news about the entire future schedule of stock market liberalizations.

The behavior of stock returns and dividend yields around the first stock market liberalization. The variable on the y-axis is the continuously compounded abnormal percentage change. T * is the month in which the stock market liberalization was implemented. The upward trending series ~triangles! is a plot of the cumulative residuals from a panel regression of the real dollar return from all 12 countries on a constant and 11 country-specific dummies. The downward trending series ~squares! is a plot of the cumulative residuals from a panel regression of the change in the natural log of the dividend yield on a constant and 11 country-specific dummies.

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 comovements with foreign stock markets are an important explanatory factor for emerging market returns, their inclusion has little effect on the Liberalize coefficient.

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


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