Stock Market Development under Globalization : Whither the Gains from Reforms?

de la Torre, Augusto ; Gozzi, Juan Carlos ; Schmukler, Sergio L.

World Bank, Washington, DC

关键词: ADVERSE SELECTION;    AGENCY PROBLEMS;    ASSET PRICING;    BANK PRIVATIZATION;    BANKS;   

DOI  :  10.1596/1813-9450-4184
RP-ID  :  WPS4184

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Over the past decades, many countrieshave implemented significant reforms to foster domesticcapital market development. These reforms included stockmarket liberalization, privatization programs, and theestablishment of regulatory and supervisory frameworks.Despite the intense reform efforts, the performance ofcapital markets in several countries has been disappointing.To study whether reforms have had the intended effects oncapital markets, the authors analyze the impact of sixcapital market reforms on domestic stock market developmentand internationalization using event studies. They find thatreforms tend to be followed by significant increases indomestic market capitalization, trading, and capitalraising. Reforms are also followed by an increase in theshare of activity in international equity markets, withpotential negative spillover effects on domestic markets.