全球智库信息集成服务系统(G2TT): Equity market liberalizations as country IPOs

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w9481
来源ID	Working Paper 9481
	Equity market liberalizations as country IPOs
	Rodolfo Martell; Rene M. Stulz
发表日期	2003-02-10
出版年	2003
语种	英语
摘要	Equity market liberalizations are like IPOs, but they are IPOs of a country's stock market rather than of individual firms. Both are endogenous events whose benefits are limited by poor investor protection, agency costs, and information asymmetries. As for stock prices following an IPO, there are legitimate concerns about the efficiency in the period following the liberalization of the stock market returns of countries that liberalize their equity markets. Equity markets of liberalizing countries experience extremely strong performance immediately after the liberalization, but then go through a period of poor performance. This pattern of stock returns is more dramatic for countries with poorer financial development before the liberalization.
主题	International Economics ; International Finance ; Financial Economics ; Financial Markets
URL	https://www.nber.org/papers/w9481
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/567100
推荐引用方式 GB/T 7714	Rodolfo Martell,Rene M. Stulz. Equity market liberalizations as country IPOs. 2003.