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The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches

Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2009

Data show that better creditor protection is correlated across countries with lower average stock market volatility. Moreover, countries with better creditor protection are observed to have suffered lower decline in their stock market indexes during the current financial crisis. To explain this...

Persistent link: https://www.econbiz.de/10004969130

Credit Constraints and Stock Price Volatility

Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2007

This paper addresses how creditor protection affects the volatility of stock market prices. Credit protection reduces the probability of oscillations between binding and non-binding states of the credit constraint; thereby lowering the rate of return variance. We test this prediction of a...

Persistent link: https://www.econbiz.de/10005136763

Does Trade Globalization Induce or Inhibit Corporate Transparency? Unbundling the Growth Potential and Product Market Competition Channels

Tong, Hui; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2012

How does increasing globalization affect corporate transparency? Freer trade represents two facets and in theory has … ambiguous effects on corporate transparency. On the one hand, by exposing firms to more product market competition, it could … separate estimation of the two potentially opposing channels. We employ three different measures of corporate transparency and …

Persistent link: https://www.econbiz.de/10011083813

The Misfortune of Non-financial Firms in a Financial Crisis: Disentangling Finance and Demand Shocks

Tong, Hui; Wei, Shang-Jin - C.E.P.R. Discussion Papers - 2009

If a non-financial firm does not do well in a financial crisis, it could be due to either a contraction of demand for its output or a contraction of supply of external finance. We propose a framework to assess the relative importance of the two shocks, making use of a measure of a firm's...

Persistent link: https://www.econbiz.de/10005661997