Equity market liberalization and firm growth
Using a sample of 686 investable firms from 26 emerging market countries, I show that equity market liberalizations do not result in an increase in externally-financed growth rates for participating firms. In fact, I find to the contrary. The average firm appears to rely less and not more on external-financing once they become investable. These findings are in line with recent work which shows that firms issue less equity capital post-liberalization, and suggest that the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.
|Date of creation:||2012|
|Date of revision:|
|Contact details of provider:|| Postal: Maynooth, Co. Kildare|
Web page: http://www.maynoothuniversity.ie/economics-finance-and-accounting
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Chari, Anusha & Henry, Peter B., 2006.
"Firm-Specific Information and the Efficiency of Investment,"
1930, Stanford University, Graduate School of Business.
- Chari, Anusha & Blair Henry, Peter, 2008. "Firm-specific information and the efficiency of investment," Journal of Financial Economics, Elsevier, vol. 87(3), pages 636-655, March.
- Anusha Chari & Peter Henry, 2007. "Firm-Specific Information and the Efficiency of Investment," Discussion Papers 07-005, Stanford Institute for Economic Policy Research.
- Anusha Chari & Peter Blair Henry, 2006. "Firm-Specific Information and the Efficiency of Investment," NBER Working Papers 12186, National Bureau of Economic Research, Inc.
- Chari, Anusha & Henry, Peter B., 2007. "Firm-Specific Information and the Efficiency of Investment," Research Papers 1975, Stanford University, Graduate School of Business.
When requesting a correction, please mention this item's handle: RePEc:may:mayecw:n231-12.pdf. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If references are entirely missing, you can add them using this form.