By Stijn Classens, Luc Laeven
'A Reader in overseas company Finance' deals an outline of present considering on six themes: legislation and finance, company governance, banking, capital markets, capital constitution and financing constraints, and the political financial system of finance. This choice of 23 of the main influential articles released within the interval 2000-2006 displays new trends:
• curiosity in overseas features of company finance, quite particular to rising markets,
• know-how of the significance of associations in explaining international modifications in company finance.
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Extra info for A Reader in International Corporate Finance, Volume 2
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Methodological Issues A. 8 provides an announcement proxy. Suppose the government announces in month T * Ϫ 3 that it will open the stock market to foreign investors in month T * . Since there can be no anticipated price jumps, the price must jump on the announcement and then gradually appreciate in such a way that there is no jump in price when the liberalization occurs at T * . Measuring the impact of stock market liberalization in this textbook world would be straightforward: Regress real returns on a constant, a set of control variables, and two dummies.
11 If all market participants learned about the liberalization at the same time and there was no uncertainty about when the liberalization was going to occur, then the Liberalize variable would only need to be on during the month in which the announcement occurred. In reality, however, learning about an impending liberalization is a gradual process. , MacKinlay ~1997!!. This dummy variable method is a variant of standard event study methodology. Standard event studies are unable to take into account exogenous shifts in the equation parameters that may occur during the event window.