By Stijn Classens, Luc Laeven

'A Reader in foreign company Finance' deals an summary of present considering on six issues: legislations and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political economic climate of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new trends:

• curiosity in overseas points of company finance, quite particular to rising markets,
• information of the significance of associations in explaining international alterations in company finance.

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Extra resources for A Reader in International Corporate Finance, Volume 2

Example text

Each of the event windows for these variables begins seven months prior to the implementation of the reform and ends in the implementation month. A constant plus 11 country dummies were also estimated but not reported. Heteroskedasticity-consistent ~White! standard errors are in parentheses. ~2a! ~3a! ~4a! ~5a! ~1b! 024! 025! 024! 024! 027! 029! 063! 062! 059! 100! 100! 094! 036! ~2b! ~3b! ~4b! ~5b! 030! 030! 035! 041! 143! 103! 103! 104! 116! 108! 140! 140! 156! 205! 054! 055! 056! 024! 023! 008!

Section G estimates the average effect of the second and all subsequent stock market liberalizations. A. Benchmark Estimates The results from estimating equation ~1! are given in column ~1a! of Table V. 047 on Liberalize is highly significant. S. dollar terms. 6 percent!. Panel B of Table V provides estimates of the impact of liberalization on dividend yields. The specification is identical to equation ~1! except that the left-hand-side variable is the change in the log of the dividend yield. The dividend yield results are not as strong as those for returns.

Is three months, and ADRs are issued in markets that have already been liberalized. For the remaining two countries, Colombia and Taiwan, only Taiwan’s announcement date seems reasonable. The headline for Colombia actually corresponds not to the stock market, but to its major trade liberalization, La Apertura. The central point of Table III is that announcement dates uncovered using a source such as Lexis0Nexis are likely to be poor proxies for the date at which information about the liberalization first reached market participants.

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