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Equity market liberalization and firm growth. Department of Economic Finance and Accounting Working Paper Series N231-12

O'Connor, Thomas (2012) Equity market liberalization and firm growth. Department of Economic Finance and Accounting Working Paper Series N231-12. Working Paper. National University of Ireland Maynooth. (Unpublished)

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Abstract

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.

Item Type: Monograph (Working Paper)
Keywords: External financing; Investability; Firm growth; Working Paper N231-12;
Subjects: Social Sciences > Economics
Item ID: 3808
Identification Number: N231-12
Depositing User: Ms Sandra Doherty
Date Deposited: 14 Aug 2012 14:33
Publisher: National University of Ireland Maynooth
URI:

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