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    Financial Development, Internationalisation and Firm Value


    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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    Abstract

    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.

    Item Type: Article
    Keywords: Financial liberalisation; financial deepening; internationalisation; Tobin’s q;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 8496
    Identification Number: https://doi.org/10.1177/097265271101000102
    Depositing User: Thomas G. O'Connor
    Date Deposited: 25 Jul 2017 09:44
    Journal or Publication Title: Journal of Emerging Market Finance
    Publisher: SAGE Publications
    Refereed: Yes
    URI:

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