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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
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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.
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Keyword(s):
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Economics, Finance & Accounting; Investability; Corporate Governance; Tobin’s q; Emerging Markets; Working Paper N229-12 |
Publication Date:
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2012 |
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Type:
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Report |
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Peer-Reviewed:
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No |
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Institution:
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Maynooth University |
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Citation(s):
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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 (Unpublished) |
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Publisher(s):
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National University of Ireland Maynooth |
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File Format(s):
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application/pdf |
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Related Link(s):
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http://mural.maynoothuniversity.ie/3806/1/N229-12.pdf |
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First Indexed:
2020-01-31 06:25:46 Last Updated:
2020-04-02 07:25:39 |
