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Internationalization and the evolution of corporate valuation

Levine, Ross - 2005

"By documenting the evolution of Tobin's "q" before, during, and after firms internationalize, this paper provides evidence on the bonding, segmentation, and market timing theories of internationalization. Using new data on 9,096 firms across 74 countries over the period 1989-2000, we find that...

Persistent link: https://www.econbiz.de/10010522397

Finance, inequality, and poverty : cross-country evidence

Beck, Thorsten - 2004

"While substantial research finds that financial development boosts overall economic growth, we study whether financial development disproportionately raises the incomes of the poor and alleviates poverty. Using a broad cross-country sample, we distinguish among competing theoretical predictions...

Persistent link: https://www.econbiz.de/10010522996

Law and firms' access to finance

Beck, Thorsten - 2004

"This paper contributes to the literature on how a country's legal origin influences the operation of its financial system by using firm-level survey data on the obstacles that firms face in raising external finance. The paper assesses two channels through which legal origin may influence the...

Persistent link: https://www.econbiz.de/10010523108

Does Financial Liberalization Spur Growth?

Bekaert, Geert - 2001

We show that equity market liberalizations, on average, lead to a one percent increase in annual real economic growth over a five-year period. The liberalization effect is not spuriously accounted for by macro-economic reforms and does not reflect a business cycle effect. Although financial...

Persistent link: https://www.econbiz.de/10012470479

The Dynamics of Emerging Market Equity Flows

Bekaert, Geert - 1999

We study the interrelationship between capital flows, returns, dividend yields and world interest rates in 20 emerging …

Persistent link: https://www.econbiz.de/10012471570

Dating the Integration of World Equity Markets

Bekaert, Geert - 1998

Measuring the integration of world capital markets is notoriously difficult. For example, regulatory changes which … equity market becomes financially integrated with world capital markets. We find endogenous break dates that are very … markets are on average larger and more liquid than before; returns are more volatile and more highly correlated with the world …

Persistent link: https://www.econbiz.de/10012472089

The Global Capital Market : Benefactor or Menace?

Obstfeld, Maurice - 1998

inescapable in the real world of asymmetric information and imperfect contract enforcement. I argue, however, that in confronting …

Persistent link: https://www.econbiz.de/10012472249

The Great Depression as a Watershed : International Capital Mobility over the Long Run

Obstfeld, Maurice - 1997

This paper surveys the evolution of international capital mobility since the late nineteenth century. We begin with an overview of empirical evidence on the fall and rise of integration in the global capital market. A discussion of institutional developments focuses on the use of capital...

Persistent link: https://www.econbiz.de/10012472861

Fundamental Determinants of National Equity Market Returns : A Perspective on Conditional Asset Pricing

Ferson, Wayne E. - 1996

This paper provides a global asset pricing perspective on the debate over the relation between predetermined attributes of common stocks, such as ratios of price-to-book-value, cash-flow, earnings, and other variables to the future returns. Some argue that such variables may be used to find...

Persistent link: https://www.econbiz.de/10012472968

The Mirage of Fixed Exchange Rates

Obstfeld, Maurice - 1995

This paper discusses the profound difficulties of maintaining fixed exchange rates in a world of expanding global …

Persistent link: https://www.econbiz.de/10012473688