Peer-Reviewed Journal Details
Mandatory Fields
Flavin, T., and T. O'Connor.
2010
September
Emerging Markets Review
The sequencing of stock market liberalization events and corporate financing decisions
Published
15 ()
Optional Fields
OPERATING PERFORMANCE MATURITY STRUCTURE CAPITAL STRUCTURE VALUATION DEBT
11
183
204
We examine the impact of stock market liberalization events on corporate financing choices. We analyze differences between 'investable' firms and those who cross-list on international markets and show that an initial act of liberalization evokes similar responses across all firms. Furthermore, we examine the importance of the order in which these events occur. We find evidence of different behavior depending on the sequence of events and across categories of listing. Level 3 ADRs confer greatest equity raising post-listing, suggesting that US lists still have benefits over and above London. (C) 2010 Elsevier B.V. All rights reserved.
AMSTERDAM
1566-0141
http://dx.doi.org/10.1016/j.ememar.2010.03.004
Grant Details