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    Legal protection of investors, corporate governance, and investable premia in emerging markets


    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:

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