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The Sequencing of stock market liberalization events and corporate financing decisions

O'Connor, Thomas and Flavin, Thomas (2009) The Sequencing of stock market liberalization events and corporate financing decisions. Working Paper. Department of Economics Finance & Accounting. (Unpublished)

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We examine if the sequence of stock market liberalization events matters for corporate financing choices. We contrast firms who attain ‘investable’ status through domestic reforms with those who do so by issuing American Depository Receipt programs. We find that the first liberalization event prompts similar corporate responses regardless of the path followed. However, we find differential effects between firms who issue ADRs after realizing financial liberalization and those who use ADR initiations to achieve this status. Here, the sequence matters and the capital structure choices of the two groups are very different.

Item Type: Monograph (Working Paper)
Additional Information: A version of this article was published in Emerging Markets Review (ISSN 1566-0141) Vol.11 No.3 (September 2010) pp.183-204, published by Elsevier.
Keywords: Financing choices; Debt structure; Investability; Cross listing;
Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
Item ID: 1574
Depositing User: Ms Sandra Doherty
Date Deposited: 13 Oct 2009 09:45
Publisher: Department of Economics Finance & Accounting

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