O'Connor, Thomas and Kinsella, Stephen and O'Sullivan, Vincent
Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12.
National University of Ireland Maynooth.
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.
||Investability; Corporate Governance; Tobin’s q; Emerging Markets; Working Paper N229-12;
||Social Sciences > Economics, Finance & Accounting
Ms Sandra Doherty
||14 Aug 2012 14:41
||National University of Ireland Maynooth
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