By Stijn Classens, Luc Laeven
'A Reader in overseas company Finance' bargains an outline of present considering on six themes: legislation and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political financial system of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new trends:
• curiosity in foreign features of company finance, rather 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
The following panel model is then estimated: R it ϭ ai ϩ b1 R tLDC ϩ b2 R tUS ϩ b3 R tEAFE ϩ g1 Liberalizeit ϩ g2 Stabilizeit ϩ g3 Tradeit ϩ g4 Privatizeit ϩ g5 Exchangeit ϩ eit . ~3! Column ~3a! of Table V shows the results. 039. 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.
007! 008! 019! 021! 015! 015! 049! 045! 027 2292 2292 2292 1569 1569 1569 R EAFE Exchange RO 2 No. of obs. 010! *, **, and *** indicate significant difference at the 10, 5, and 1 percent levels, respectively. find a small fall in dividend yields around liberalization. Errunza and Miller ~1998! also report dividend yield results that are not as significant as those for stock returns. Nevertheless, the negative coefficient on Liberalize in column ~1b! of the dividend yield regressions is qualitatively consistent with a one-time equity price revaluation resulting from a fall in the cost of equity capital.
024 on Liberalize in the dividend yield specification implies an average fall in dividend yields of about 50 basis points. Again, this is consistent with Bekaert and Harvey ~2000! who also 18 A Reader in International Corporate Finance 546 The Journal of Finance Table V Stock Market Reactions to First Stock Market Liberalization The regressions are performed using monthly stock market data from December 1976 to December 1994 for Argentina, Brazil, Chile, India, Korea, Mexico, and Thailand. For the other countries the data are monthly from December 1984 to December 1994.
A Reader in International Corporate Finance, Volume 2 by Stijn Classens, Luc Laeven