The sequencing of stock market liberalization events and corporate financing decisions
We examine the impact of stock market liberalization events on corporate financing choices. We analyze differences between ‘investable’ firms and those who cross-list on international markets and show that an initial act of liberalization evokes similar responses across all firms. Furthermore, we ex...
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| Veröffentlicht in: | Emerging markets review 2010-09, Vol.11 (3), p.183-204 |
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| container_end_page | 204 |
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| container_title | Emerging markets review |
| container_volume | 11 |
| creator | Flavin, Thomas O'Connor, Thomas |
| description | We examine the impact of stock market liberalization events on corporate financing choices. We analyze differences between ‘investable’ firms and those who cross-list on international markets and show that an initial act of liberalization evokes similar responses across all firms. Furthermore, we examine the importance of the order in which these events occur. We find evidence of different behavior depending on the sequence of events and across categories of listing. Level 3 ADRs confer greatest equity raising post-listing, suggesting that US lists still have benefits over and above London. |
| doi_str_mv | 10.1016/j.ememar.2010.03.004 |
| format | Article |
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| fulltext | fulltext |
| identifier | ISSN: 1566-0141 |
| ispartof | Emerging markets review, 2010-09, Vol.11 (3), p.183-204 |
| issn | 1566-0141 1873-6173 |
| language | eng |
| recordid | cdi_proquest_journals_733067347 |
| source | RePEc; Elsevier ScienceDirect Journals |
| subjects | Capital formation Corporate finance Cross-listing Debt structure Financing choices Financing choices Debt structure Investability Cross-listing Investability Liberalization Organizational behavior Securities markets Studies |
| title | The sequencing of stock market liberalization events and corporate financing decisions |
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