G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2331
DP2331 The Cost of Recessions Revisited: A Reverse-Liquidationist View
Ricardo Caballero; Mohamad Hammour
发表日期1999-12-17
出版年1999
语种英语
摘要Recent work documents that better legal institutions are associated with broader equity markets. We investigate whether international differences in legal institutions also help explain the international cross-section of expected stock returns. We document three main regularities. First, total stock market returns are positively correlated with overall measures of the quality of institutions, such as judicial efficiency and rule of law, but have no relationship with measures of shareholder rights, controlling for risk. Second, dividend yields and earning-price ratios also correlate positively with judicial efficiency and rule of law, but negatively with shareholder rights' protection, controlling for risk and expected earnings growth. Thirdly, the excess return on new issues is negatively associated with the quality of accounting standards. We interpret the positive effect of the overall quality of institutions on equity returns as capturing the resulting curtailment of private benefits and increase of profitability, under imperfect international integration of stock markets. The negative impact of shareholders' legal protection and of accounting standards can instead be seen as resulting from the implied reduction in shareholders' auditing and monitoring costs.
主题Financial Economics
关键词Corporate governance Enforcement Law Return on equity Shareholder protection
URLhttps://cepr.org/publications/dp2331
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/531422
推荐引用方式
GB/T 7714
Ricardo Caballero,Mohamad Hammour. DP2331 The Cost of Recessions Revisited: A Reverse-Liquidationist View. 1999.
条目包含的文件
条目无相关文件。
个性服务
推荐该条目
保存到收藏夹
导出为Endnote文件
谷歌学术
谷歌学术中相似的文章
[Ricardo Caballero]的文章
[Mohamad Hammour]的文章
百度学术
百度学术中相似的文章
[Ricardo Caballero]的文章
[Mohamad Hammour]的文章
必应学术
必应学术中相似的文章
[Ricardo Caballero]的文章
[Mohamad Hammour]的文章
相关权益政策
暂无数据
收藏/分享

除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。