O'Connor, Thomas and 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 (Unpublished)

Download (666kB)

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:
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

Origin of downloads