The sequencing of stock market liberalization events and corporate financing decisions

Thomas Flavin and Thomas O'Connor ()

Emerging Markets Review, 2010, vol. 11, issue 3, 183-204

Abstract: We examine the impact of stock market liberalization events on corporate financing choices. We analyze differences between 'investable' firms and those who cross-list on international markets and show that an initial act of liberalization evokes similar responses across all firms. Furthermore, we examine the importance of the order in which these events occur. We find evidence of different behavior depending on the sequence of events and across categories of listing. Level 3 ADRs confer greatest equity raising post-listing, suggesting that US lists still have benefits over and above London.

Keywords: Financing; choices; Debt; structure; Investability; Cross-listing (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (14)

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Working Paper: The sequencing of stock market liberalization events and corporate financing decisions (2009)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:ememar:v:11:y:2010:i:3:p:183-204

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