O'Connor, Thomas G. and Kinsella, Stephen and O'Sullivan, Vincent (2014) Legal protection of investors, corporate governance, and investable premia in emerging markets. International Review of Economics and Finance, 29. pp. 426-439. ISSN 1059-0560

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Abstract

We examine the interaction between the legal protection of investors, corporate governance, 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 that they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.

Item Type:	Article
Keywords:	Investability; Corporate governance; Tobin's q; Emerging markets;
Academic Unit:	Faculty of Social Sciences > Economics, Finance and Accounting
Item ID:	8834
Identification Number:	https://doi.org/10.1016/j.iref.2013.07.003
Depositing User:	Thomas G. O'Connor
Date Deposited:	20 Sep 2017 08:21
Journal or Publication Title:	International Review of Economics and Finance
Publisher:	Elsevier
Refereed:	Yes
URI:	Publisher

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