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Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12

O'Connor, Thomas and Kinsella, Stephen and O'Sullivan, Vincent (2012) Legal protection of investors, corporate governance, and investable premia in emerging markets. Department of Economic Finance and Accounting Working Paper Series N229-12. Working Paper. National University of Ireland Maynooth. (Unpublished)

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Abstract

We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience significantly greater stock price increases upon equity market liberalization. We look to see whether well-governed firms in poorly governed countries enjoy an investability premium as measured by Tobin’s q. We find they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.

Item Type: Monograph (Working Paper)
Keywords: Investability; Corporate Governance; Tobin’s q; Emerging Markets; Working Paper N229-12;
Subjects: Social Sciences > Economics
Item ID: 3806
Identification Number: N229-12
Depositing User: Ms Sandra Doherty
Date Deposited: 14 Aug 2012 14:41
Publisher: National University of Ireland Maynooth
URI:

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