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Financial Development, Internationalisation and Firm Value
O'Connor, Thomas G.
In this article I show that both aspects of financial development, namely, liberalisation and deepening, and fi nancial internationalisation proxied using crosslistings in the US creates value for emerging market fi rms. Financial deepening, or more precisely, stock market deepening enhances value. In contrast, bank sector deepening only serves to reduce value because it is associated with large-scale corporate expansion and a fall in market capitalisation. Like others, I document a cross-listing premium for Level 2/3 cross-listings in the US. The cross-listing premium is typically less than the gains from fi nancial liberalisation, but they are similar in magnitude over the period examined.
Keyword(s): Financial liberalisation; financial deepening; internationalisation; Tobin’s q
Publication Date:
2011
Type: Journal article
Peer-Reviewed: Yes
Institution: Maynooth University
Citation(s): O'Connor, Thomas G. (2011) Financial Development, Internationalisation and Firm Value. Journal of Emerging Market Finance, 10 (1). pp. 21-71. ISSN 0972-6527
Publisher(s): SAGE Publications
File Format(s): other
Related Link(s): http://mural.maynoothuniversity.ie/8496/1/097265271101000102.pdf
First Indexed: 2020-04-02 06:29:22 Last Updated: 2020-04-02 06:29:22