Peer-Reviewed Journal Details
Mandatory Fields
O'Connor T.
2013
January
Review of Development Finance
Equity market liberalization and firm growth
Published
()
Optional Fields
External financing Firm growth Investability
3
1
1
12
In 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 mostly to the contrary. These findings are in line with recent work which shows that firms issue less and not more equity capital post-liberalization, and suggest the gains from equity market liberalizations may not be attributable to a reduction in financing constraints.
1879-9337
10.1016/j.rdf.2013.01.002
Grant Details