| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2331 |
| 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 |
| URL | https://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。 | |||||
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