Foreign Speculators And Emerging Equity Markets  

Oleh:

Harvey, Campbell R. ; Bekaert, Geert

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 55 no. 2 (2000), page 565-614.
Topik: MARKETS; capital markets; economic reform; emerging markets; effects; international finance; many countries; studies
Fulltext: p 565.pdf (441.11KB)

Ketersediaan

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

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Isi artikel

We propose a cross - sectional time - series model to assess the impact of market liberalization in emerging equity markets on the cost of capital, volatility, beta and correlation with world market returns. Liberalization are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control for other economic events that might confound the impact of foreign speculators on local equity markets. Across a large of specifications, the cost of capital always decreased after a capital market liberalization with the effect varying between 5 and 75 basis points.

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