We examine if the sequence of stock market liberalization events matters for corporate financing choices. We contrast firms who attain ‘investable' status through domestic reforms with those who do so by issuing American Depository Receipt programs. We find that the first liberalization event...

We use wavelet analysis to examine the impact of macro-news announcements on the stock-bond correlation. Significant announcement effects appear after controlling for the recent financial crisis, with a link between the speed of reaction and the timing of announcements, with early released news...