Trade Liberalization and the Value of Firms: Stock Market Evidence from Singapore

Rasyad Parinduri and Shandre M. Thangavelu ()
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Shandre M. Thangavelu: Department of Economics, National University of Singapore, http://www.fas.nus.edu.sg/ecs/

No 2009-03, NUBS Malaysia Campus Research Paper Series from Nottingham University Business School Malaysia Campus

Abstract: We examine the e¤ect of the United States-Singapore Free Trade Agreement (FTA) on the value of frms listed in the Singapore Exchange using event study analysis. Despite the predictability of the FTA negotiation, we find that one event - the removal of the last obstacle to the free trade deal in January 2003 - increases the value of firms in some industries by 2-5%. These results may indicate that trade liberalization and FTAs do increase the value of firms.

Date: 2009-04
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Journal Article: Trade liberalization, free trade agreements, and the value of firms: Stock market evidence from Singapore (2013)
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