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

By Stijn Classens, Luc Laeven

'A Reader in foreign company Finance' deals an outline of present pondering on six themes: legislations and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic climate 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,
• understanding of the significance of associations in explaining international alterations in company finance.

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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.

5 As a way of checking the consistency of the cumulative abnormal return plot with other work, Figure 1 also plots the cumulative abnormal change in the log of the dividend yield ~squares!. As one would expect, the respective plots are near mirror images: Realized returns increase as the dividend yield decreases. The cumulative decline in dividend yields from T * Ϫ 12 to T * is on the order of 30 percent. 6 This estimate of 100 basis points is slightly larger 5 Kim and Singal ~2000! also find that emerging countries experience positive abnormal returns in the months leading up to stock market liberalization.

100! 094! 036! ~2b! ~3b! ~4b! ~5b! 030! 030! 035! 041! 143! 103! 103! 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!

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