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Financial Development,
Internationalisation and Firm Value |
O'Connor, Thomas G.
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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.
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Keyword(s):
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Financial liberalisation; financial deepening; internationalisation; Tobin’s q |
Publication Date:
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2011 |
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Type:
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Journal article |
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Peer-Reviewed:
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Yes |
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Institution:
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Maynooth University |
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Citation(s):
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O'Connor, Thomas G. (2011) Financial Development, Internationalisation and Firm Value. Journal of Emerging Market Finance, 10 (1). pp. 21-71. ISSN 0972-6527 |
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Publisher(s):
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SAGE Publications |
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File Format(s):
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other |
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Related Link(s):
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http://mural.maynoothuniversity.ie/8496/1/097265271101000102.pdf |
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First Indexed:
2020-04-02 06:29:22 Last Updated:
2020-04-02 06:29:22 |
