Bookcover of The Impacts of Stock Market Liberalization in Emerging Markets
Booktitle:

The Impacts of Stock Market Liberalization in Emerging Markets

Looking Beyond Country Indices

VDM Verlag Dr. Müller (2011-03-25 )

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ISBN-13:

978-3-639-33925-3

ISBN-10:
3639339258
EAN:
9783639339253
Book language:
English
Blurb/Shorttext:
This book attempts to answer these key questions: What are the revaluation effects and the impacts on the cost of capital, volatility, and correlation with world market returns from emerging stock market liberalization? These questions have been studied extensively at the market-level, but not at the firm level. Since foreign portfolio investors are known to prefer investment in large and well-known firms, the opening of capital markets should have a differential impact across securities depending on foreign investors' demand. Our test results using country indices show statistically and economically significant revaluation effects, and increases in the cost of capital. More important than these market-level findings, we report significantly different impacts of stock market liberalization, based on foreign investors' demand. Our findings have important implications for international investors seeking to manage their global exposure as well as for policy makers considering capital market liberalization.
Publishing house:
VDM Verlag Dr. Müller
Website:
http://www.vdm-verlag.de
By (author) :
Hyunchul Chung
Number of pages:
116
Published at:
2011-03-25
Stock:
Available
Category:
Economics
Price:
49.00 €
Keywords:
Stock Market Liberalization, Emerging Markets, market integration, Mild Segmentation, Revaluation Effects, Market Volatility, Market Comovement

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