Pathan, Shams; Skully, Michael; Wickramanayake, J. - In: International Review of Financial Analysis 17 (2008) 2, pp. 345-362
This paper provides an empirical analysis of Thailand's bank governance reforms after the 1997 Asian financial crisis and then examines the stock market's response. Unlike the pre-crisis period, we find that the bank sector returns (or return volatilities) have become more Granger causal to the...