O'Connor, Thomas G.
(2011)
Financial Development,
Internationalisation and Firm Value.
Journal of Emerging Market Finance, 10 (1).
pp. 21-71.
ISSN 0972-6527
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: |
|
| Use Licence: |
This item is available under a Creative Commons Attribution Non Commercial Share Alike Licence (CC BY-NC-SA). Details of this licence are available
here |
Repository Staff Only(login required)
 |
Item control page |
Downloads per month over past year
Origin of downloads
Altmetric
Altmetric