Stock Market Liberalization, Economic Reform, And Emerging Market Equity Prices  

Oleh:

Henry, Peter Blair

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 529-564.
Topik: stock market; stock exchanges; securities markets; stock prices; economic reform; emerging markets; hypotheses; studies; many countries
Fulltext: p 529.pdf (213.64KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88.1 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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A stock market liberalization is a decision by a country's government to allow foreigners to purchase shares in that country's stock market. On average, a country's aggregate equity price index experiences abnormal returns of 3.3 percent per month in real dollar terms during an eight - months window leading up to the implementation of its initial stock market liberalization. This result is consistent with the prediction of standard international asset pricing models that stock market liberalization may reduce the liberalizing country's cost of equity capital by allowing for risk sharing between domestic and foreign agents.

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