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The Impacts of Stock Market Liberalization in Emerging Markets


Marketed By :  VDM Verlag Dr. Müller   Sold By :  Kamal Books International  
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  • Product Description

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.

Product Specifications
SKU :COC69247
AuthorHyunchul Chung
Number of Pages116
Publishing Year2011-03-25T00:00:00.000
Edition1 st
Book TypeEconomics
Country of ManufactureIndia
Product BrandVDM Verlag Dr. Müller
Product Packaging InfoBox
In The Box1 Piece
Product First Available On ClickOnCare.com2015-07-08 00:00:00