A Reader in International Corporate Finance, Volume 2 by Stijn Classens, Luc Laeven

By Stijn Classens, Luc Laeven

'A Reader in foreign company Finance' deals an summary of present considering on six subject matters: legislation and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political financial system of finance. This selection of 23 of the main influential articles released within the interval 2000-2006 displays new trends:

• curiosity in foreign facets of company finance, rather particular to rising markets,
• knowledge of the significance of associations in explaining worldwide transformations in company finance.

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Extra info for A Reader in International Corporate Finance, Volume 2

Sample text

Liberalize is a dummy variable for the event window of the first stock market liberalization. For T * Ϫ 4 to T * , the event window begins four months prior to the implementation month and ends in the implementation month. For example, for a stock market liberalization that was implemented in November 1989, the event window begins in July 1989 and ends in November 1989. For T * Ϫ 1 to T * , the event window begins in the month before the implementation month. For T * , the event window is the implementation month only.

26 A Reader in International Corporate Finance 554 The Journal of Finance The paper attempts to hold expected future cash f lows constant by augmenting the standard event study analysis with a set of right-hand-side variables that control for major economic policy changes such as macroeconomic stabilization programs, trade liberalizations, privatizations, and the easing of exchange controls. The analysis also controls for comovements with foreign stock markets and macroeconomic fundamentals. Finally, the paper confronts the potential endogeneity problem that arises out of policymakers’ incentive to liberalize the stock market in response to a prolonged run-up in equity prices.

Govt. S. 9 billion of public debt rescheduled Marcos overthrown Import restrictions lifted Talks open with IMF Taiwan May 1986 Country Fund None None Investment in foreign securities allowed None Import bans lifted Exchange controls eased Thailand January 1988 Country Fund General Yongchaiyut calls for reforms None ASEAN free trade agreement extended None None None Venezuela January 1990 Full market access except bank stocks Trade liberalization; adjustment loan approved None None Easier profit remittance for foreign firms $680 million structural adjustment loan Brady deal; Agricultural tariffs reduced Chapter One Country Fund Stock Market Liberalization Korea June 1987 543 15 16 A Reader in International Corporate Finance 544 The Journal of Finance probably anticipated at the time of the first stock market liberalization.

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