We use a new firm-level dataset to examine the efficiency of investment in emerging economies. In the three-year period following stock market liberalizations, the growth rate of the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 percentage points. Cross-sectional changes in investment are significantly correlated with the signals about fundamentals embedded in the stock price changes that occur upon liberalization. Panel data estimations show that a 1-percentage point increase in a firm's expected future sales growth predicts a 4.1-percentage point increase in its investment; country-specific changes in the cost of capital predict a 2.3-percentage point increase in investment; firm-specific changes in...
Using the degree of accessibility in emerging markets, or investibility, as a proxy to measure of th...
We study the associations between openness to foreign equity investors and the information environme...
This paper examines whether equity market liberalization facilitates economic growth at the industry...
In the three-year period following stock market liberalizations, the growth rate of the typical firm...
Using a new dataset of 369 manufacturing firms in developing countries, we present the first firm-le...
We confront the two opposing views of capital account liberalization in developing countries with a ...
In the year that capital-poor countries open their stock markets to foreign investors, the growth ra...
Has financial liberalization improved the efficiency with which investment funds are allocated to co...
We attempt to answer the following key questions: What are the revaluation effects and the impacts o...
Stock market liberalizations lead private investment booms. In a sample of 11 developing countries t...
Using a sample of 686 investable firms from 26 emerging market countries, I show that equity market ...
In a sample of 686 investable firms from 26 emerging market countries, I show that equity market lib...
In this paper, It has been addressed this question using firm-level panel data from 12 developing co...
Using the degree of accessibility in emerging markets, or investibility, as a proxy to measure of th...
This study undertakes firm-level analysis of investment opportunities and free cash flow in an attem...
Using the degree of accessibility in emerging markets, or investibility, as a proxy to measure of th...
We study the associations between openness to foreign equity investors and the information environme...
This paper examines whether equity market liberalization facilitates economic growth at the industry...
In the three-year period following stock market liberalizations, the growth rate of the typical firm...
Using a new dataset of 369 manufacturing firms in developing countries, we present the first firm-le...
We confront the two opposing views of capital account liberalization in developing countries with a ...
In the year that capital-poor countries open their stock markets to foreign investors, the growth ra...
Has financial liberalization improved the efficiency with which investment funds are allocated to co...
We attempt to answer the following key questions: What are the revaluation effects and the impacts o...
Stock market liberalizations lead private investment booms. In a sample of 11 developing countries t...
Using a sample of 686 investable firms from 26 emerging market countries, I show that equity market ...
In a sample of 686 investable firms from 26 emerging market countries, I show that equity market lib...
In this paper, It has been addressed this question using firm-level panel data from 12 developing co...
Using the degree of accessibility in emerging markets, or investibility, as a proxy to measure of th...
This study undertakes firm-level analysis of investment opportunities and free cash flow in an attem...
Using the degree of accessibility in emerging markets, or investibility, as a proxy to measure of th...
We study the associations between openness to foreign equity investors and the information environme...
This paper examines whether equity market liberalization facilitates economic growth at the industry...