Peer-Reviewed Journal Details
Mandatory Fields
O'Connor, T,Kinsella, S,O'Sullivan, V
2014
January
International Review Of Economics & Finance
Legal protection of investors, corporate governance, and investable premia in emerging markets
Published
()
Optional Fields
Investability Corporate governance Tobin's q Emerging markets STOCK LIBERALIZATION PERFORMANCE OWNERSHIP VALUATION RIGHTS LAW
29
426
439
We examine the interaction between the legal protection of investors, corporate governance, and investable premia in emerging markets. In a multi-country setting and using a novel dataset we find that better-governed firms experience significantly greater stock price increases upon equity market liberalization. We look to see whether well-governed firms in poorly governed countries enjoy an investability premium as measured by Tobin's q. We find that they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance. (C) 2013 Elsevier Inc. All rights reserved.
10.1016/j.iref.2013.07.003
Grant Details