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    Equity market liberalization and firm growth

    O'Connor, Thomas G. (2013) Equity market liberalization and firm growth. Review of Development Finance, 3 (1). pp. 1-12. ISSN 1879-9337

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    In a sample of 686 investable firms from 26 emerging market countries, I show that equity market liberalizations do not result in an increase in externally-financed growth rates for participating firms. In fact I find mostly to the contrary. These findings are in line with recent work which shows that firms issue less and not more equity capital post-liberalization, and suggest the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.

    Item Type: Article
    Keywords: External financing; Investability; Firm growth;
    Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
    Item ID: 8835
    Identification Number:
    Depositing User: Thomas G. O'Connor
    Date Deposited: 20 Sep 2017 08:34
    Journal or Publication Title: Review of Development Finance
    Publisher: Elsevier
    Refereed: Yes
    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

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