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Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12
O'Connor, Thomas; Kinsella, Stephen; O'Sullivan, Vincent
We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, 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 they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.
Keyword(s): Economics, Finance & Accounting; Investability; Corporate Governance; Tobin’s q; Emerging Markets; Working Paper N229-12
Publication Date:
2012
Type: Report
Peer-Reviewed: No
Institution: Maynooth University
Citation(s): O'Connor, Thomas and Kinsella, Stephen and O'Sullivan, Vincent (2012) Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12. Working Paper. National University of Ireland Maynooth. (Unpublished)
Publisher(s): National University of Ireland Maynooth
File Format(s): application/pdf
Related Link(s): http://mural.maynoothuniversity.ie/3806/1/N229-12.pdf
First Indexed: 2020-01-31 06:25:46 Last Updated: 2020-04-02 07:25:39