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Stock Market Development Under Globalization

其他書名	Wither the Gains from Reforms?
出版	World Bank, Development Research Group, Growth and Macroeconomics Team, 2007
URL	http://books.google.com.hk/books?id=6wmyAAAAIAAJ&hl=&source=gbs_api

註釋Over the past decades, many countries have implemented significant reforms to foster domestic capital market development. These reforms included stock market liberalization, privatization programs, and the establishment of regulatory and supervisory frameworks. Despite the intense reform efforts, the performance of capital markets in several countries has been disappointing. To study whether reforms have had the intended effects on capital markets, the authors analyze the impact of six capital market reforms on domestic stock market development and internationalization using event studies. They find that reforms tend to be followed by significant increases in domestic market capitalization, trading, and capital raising. Reforms are also followed by an increase in the share of activity in international equity markets, with potential negative spillover effects on domestic markets.