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O'Connor, Thomas, Kinsella, Stephen and O'Sullivan, Vincent (2012) Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12. Working Paper. National University of Ireland Maynooth. (Unpublished)
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Abstract
We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, 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 they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.
| Item Type: | Monograph (Working Paper) |
|---|---|
| Keywords: | Investability; Corporate Governance; Tobin’s q; Emerging Markets; Working Paper N229-12; |
| Academic Unit: | Faculty of Social Sciences > Economics, Finance and Accounting |
| Item ID: | 3806 |
| Identification Number: | N229-12 |
| Depositing User: | Ms Sandra Doherty |
| Date Deposited: | 14 Aug 2012 14:41 |
| Publisher: | National University of Ireland Maynooth |
| URI: | https://mural.maynoothuniversity.ie/id/eprint/3806 |
| 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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