Enhancing the Efficiency of Securities Markets in East Asia

Ghosh, Swati ; Revilla, Ernesto

World Bank, Washington, DC

关键词: ACCOUNTING;    ACCOUNTING STANDARDS;    ALLOCATION OF RESOURCES;    ASSETS;    BANK DEPOSITS;   

DOI  :  10.1596/1813-9450-4129
RP-ID  :  WPS4129

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

The authors explore the relativeefficiency of stock markets across countries using newlyavailable data on transactions costs and the quality of theinformational environment of stock markets. These newmeasures are constructed from firm-level stock returns in apanel of 60 countries for the period 2000-04. The authorsthen develop a framework to understand the linkages betweenefficiency, liquidity, and their determinants. To giveempirical content to the framework, they study thedeterminants of transactions costs and the quality of theinformational environment. They find that some institutionalarrangements-such as the availability of stock lending andshort selling-and the openness of markets are associatedwith lower transactions costs. The authors also find that,although disclosure rules for directors and officers oflisted firms are essential, the ability of shareholders toseek redress is more conducive to a better informationalenvironment in stock markets. This in turn serves as thebasis for the policy framework and recommendations for theEast Asian region. In particular, the region needs tocontinue to strengthen the implementation and enforcement ofcorporate governance, to further enhance the market andinstitutional infrastructure, and focus on policy measuresto foster a larger and more diversified investor base tocontinue to see gains in the efficiency of stock markets.