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Legal Protection of Investors, Corporate Governance, and Investable Premia in Emerging MarketsThomas O'ConnorNational University of Ireland, Maynooth (NUI Maynooth) - Department of Economics Stephen KinsellaUniversity of Limerick K.P.V. O'SullivanUniversity of Limerick- Kemmy Business School January 15, 2012 Abstract: We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience significantly greater stock price increases upon equity market liberalization. We look to see whether well-governed firms in poorly governed countries enjoy an investability premium as measured by Tobin’s q. We find they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.
Number of Pages in PDF File: 34 Keywords: Investability, Corporate Governance, Tobin’s q, Emerging Markets JEL Classification: G15, G30, G34 working papers seriesDate posted: January 16, 2012Suggested CitationContact Information
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