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. Emerging Markets Review, 11 (3). pp. 183-204. ISSN 1566-0141

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Abstract

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: Article
Keywords: Financing choices; Debt structure; Investability; Cross listing;
Academic Unit: Faculty of Social Sciences > Economics, Finance and Accounting
Item ID: 1574
Depositing User: Thomas Flavin
Date Deposited: 13 Oct 2009 09:45
Journal or Publication Title: Emerging Markets Review
Publisher: Elsevier
Refereed: Yes
URI:

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