Stock Market Development under Globalization : Whither the Gains from Reforms?
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 supervisor...
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| Format: | Policy Research Working Paper |
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World Bank, Washington, DC
2012
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| Online Access: | http://documents.worldbank.org/curated/en/2007/04/7499115/stock-market-development-under-globalization-whither-gains-reforms http://hdl.handle.net/10986/7011 |
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okr-10986-70112021-04-23T14:02:33Z Stock Market Development under Globalization : Whither the Gains from Reforms? de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. ADVERSE SELECTION AGENCY PROBLEMS ASSET PRICING BANK PRIVATIZATION BANKS BOARD OF DIRECTORS BONDS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASE OF PRIVATIZATION CORPORATE GOVERNANCE DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC INVESTORS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKET ECONOMIC EFFICIENCY EMERGING MARKETS ENFORCEMENT MECHANISMS EQUITY CAPITAL EQUITY MARKETS EXECUTIVE DIRECTORS EXOGENOUS VARIABLES EXPENDITURES EXPORTS FINANCIAL CENTERS FINANCIAL CONDITIONS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCIAL SERVICES FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS GDP GLOBAL DEPOSITARY GOVERNMENT INTERFERENCE GROSS DOMESTIC PRODUCT HOME MARKET IMPACT OF PRIVATIZATION INFLATION INSIDER TRADING INSTITUTIONAL ENVIRONMENT INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CENTER INTERNATIONAL MARKETS INVESTMENT DECISION INVESTOR PROTECTION LABOR MARKET LATIN AMERICAN LEGAL FRAMEWORK LEGAL SYSTEMS LIFE INSURANCE COMPANIES LIMITED LIQUIDITY LITERATURE ON PRIVATIZATION LOCAL CAPITAL MARKETS LOCAL MARKET LOCAL STOCK MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISTORTIONS MARKET LIBERALIZATION MARKET PERFORMANCE MARKET REFORM MARKET REFORMS MARKET TRADING MINORITY SHAREHOLDERS OBJECTIVE OF PRIVATIZATION PENSION FUNDS PENSION SYSTEM POLITICAL INTERFERENCE POLITICAL RISK POSITIVE EXTERNALITIES PRICING MODELS PRIVATE FIRMS PRIVATIZATION PRIVATIZATION ACTIVITY PRIVATIZATION DATABASE PRIVATIZATION LAW PRIVATIZATION OF STATE PRIVATIZATION PROCESS PRIVATIZATION PROGRAM PRIVATIZATION PROGRAMS PRIVATIZATION SALES PRIVATIZATION TRANSACTIONS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY INVESTORS PROXY PUBLIC EXPENDITURES PUBLIC OFFERINGS REGULATORY FRAMEWORK RETAIL SALES SHARE OFFERINGS SHARE PRICES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS TRADE LIBERALIZATION TRANSITION ECONOMIES TREASURY BILLS TURNOVER VALUE ADDED 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. 2012-06-04T17:49:56Z 2012-06-04T17:49:56Z 2007-04 http://documents.worldbank.org/curated/en/2007/04/7499115/stock-market-development-under-globalization-whither-gains-reforms http://hdl.handle.net/10986/7011 English Policy Research Working Paper; No. 4184 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank World Bank, Washington, DC Publications & Research :: Policy Research Working Paper Publications & Research |
| repository_type |
Digital Repository |
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Foreign Institution |
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Digital Repositories |
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World Bank Open Knowledge Repository |
| collection |
World Bank |
| language |
English |
| topic |
ADVERSE SELECTION AGENCY PROBLEMS ASSET PRICING BANK PRIVATIZATION BANKS BOARD OF DIRECTORS BONDS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASE OF PRIVATIZATION CORPORATE GOVERNANCE DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC INVESTORS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKET ECONOMIC EFFICIENCY EMERGING MARKETS ENFORCEMENT MECHANISMS EQUITY CAPITAL EQUITY MARKETS EXECUTIVE DIRECTORS EXOGENOUS VARIABLES EXPENDITURES EXPORTS FINANCIAL CENTERS FINANCIAL CONDITIONS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCIAL SERVICES FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS GDP GLOBAL DEPOSITARY GOVERNMENT INTERFERENCE GROSS DOMESTIC PRODUCT HOME MARKET IMPACT OF PRIVATIZATION INFLATION INSIDER TRADING INSTITUTIONAL ENVIRONMENT INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CENTER INTERNATIONAL MARKETS INVESTMENT DECISION INVESTOR PROTECTION LABOR MARKET LATIN AMERICAN LEGAL FRAMEWORK LEGAL SYSTEMS LIFE INSURANCE COMPANIES LIMITED LIQUIDITY LITERATURE ON PRIVATIZATION LOCAL CAPITAL MARKETS LOCAL MARKET LOCAL STOCK MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISTORTIONS MARKET LIBERALIZATION MARKET PERFORMANCE MARKET REFORM MARKET REFORMS MARKET TRADING MINORITY SHAREHOLDERS OBJECTIVE OF PRIVATIZATION PENSION FUNDS PENSION SYSTEM POLITICAL INTERFERENCE POLITICAL RISK POSITIVE EXTERNALITIES PRICING MODELS PRIVATE FIRMS PRIVATIZATION PRIVATIZATION ACTIVITY PRIVATIZATION DATABASE PRIVATIZATION LAW PRIVATIZATION OF STATE PRIVATIZATION PROCESS PRIVATIZATION PROGRAM PRIVATIZATION PROGRAMS PRIVATIZATION SALES PRIVATIZATION TRANSACTIONS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY INVESTORS PROXY PUBLIC EXPENDITURES PUBLIC OFFERINGS REGULATORY FRAMEWORK RETAIL SALES SHARE OFFERINGS SHARE PRICES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS TRADE LIBERALIZATION TRANSITION ECONOMIES TREASURY BILLS TURNOVER VALUE ADDED |
| spellingShingle |
ADVERSE SELECTION AGENCY PROBLEMS ASSET PRICING BANK PRIVATIZATION BANKS BOARD OF DIRECTORS BONDS CAPITAL FLIGHT CAPITAL FLOWS CAPITAL MARKET DEVELOPMENT CAPITAL MARKETS CASE OF PRIVATIZATION CORPORATE GOVERNANCE DOMESTIC CAPITAL DOMESTIC CAPITAL MARKET DOMESTIC CAPITAL MARKETS DOMESTIC INVESTORS DOMESTIC MARKET DOMESTIC MARKETS DOMESTIC STOCK MARKET ECONOMIC EFFICIENCY EMERGING MARKETS ENFORCEMENT MECHANISMS EQUITY CAPITAL EQUITY MARKETS EXECUTIVE DIRECTORS EXOGENOUS VARIABLES EXPENDITURES EXPORTS FINANCIAL CENTERS FINANCIAL CONDITIONS FINANCIAL DEVELOPMENT FINANCIAL MARKETS FINANCIAL SERVICES FOREIGN DIRECT INVESTMENT FOREIGN INVESTORS GDP GLOBAL DEPOSITARY GOVERNMENT INTERFERENCE GROSS DOMESTIC PRODUCT HOME MARKET IMPACT OF PRIVATIZATION INFLATION INSIDER TRADING INSTITUTIONAL ENVIRONMENT INSTITUTIONAL REFORM INSTITUTIONAL REFORMS INTERESTS OF MINORITY SHAREHOLDERS INTERNATIONAL BUSINESS INTERNATIONAL CAPITAL INTERNATIONAL CENTER INTERNATIONAL MARKETS INVESTMENT DECISION INVESTOR PROTECTION LABOR MARKET LATIN AMERICAN LEGAL FRAMEWORK LEGAL SYSTEMS LIFE INSURANCE COMPANIES LIMITED LIQUIDITY LITERATURE ON PRIVATIZATION LOCAL CAPITAL MARKETS LOCAL MARKET LOCAL STOCK MACROECONOMIC POLICIES MACROECONOMIC STABILITY MACROECONOMIC STABILIZATION MARKET CAPITALIZATION MARKET DEVELOPMENT MARKET DISTORTIONS MARKET LIBERALIZATION MARKET PERFORMANCE MARKET REFORM MARKET REFORMS MARKET TRADING MINORITY SHAREHOLDERS OBJECTIVE OF PRIVATIZATION PENSION FUNDS PENSION SYSTEM POLITICAL INTERFERENCE POLITICAL RISK POSITIVE EXTERNALITIES PRICING MODELS PRIVATE FIRMS PRIVATIZATION PRIVATIZATION ACTIVITY PRIVATIZATION DATABASE PRIVATIZATION LAW PRIVATIZATION OF STATE PRIVATIZATION PROCESS PRIVATIZATION PROGRAM PRIVATIZATION PROGRAMS PRIVATIZATION SALES PRIVATIZATION TRANSACTIONS PRIVATIZATIONS PROPERTY RIGHTS PROTECTION OF MINORITY INVESTORS PROXY PUBLIC EXPENDITURES PUBLIC OFFERINGS REGULATORY FRAMEWORK RETAIL SALES SHARE OFFERINGS SHARE PRICES STOCK EXCHANGE STOCK EXCHANGES STOCK MARKET CAPITALIZATION STOCK MARKETS STOCKS TRADE LIBERALIZATION TRANSITION ECONOMIES TREASURY BILLS TURNOVER VALUE ADDED de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. Stock Market Development under Globalization : Whither the Gains from Reforms? |
| relation |
Policy Research Working Paper; No. 4184 |
| description |
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. |
| format |
Publications & Research :: Policy Research Working Paper |
| author |
de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. |
| author_facet |
de la Torre, Augusto Gozzi, Juan Carlos Schmukler, Sergio L. |
| author_sort |
de la Torre, Augusto |
| title |
Stock Market Development under Globalization : Whither the Gains from Reforms? |
| title_short |
Stock Market Development under Globalization : Whither the Gains from Reforms? |
| title_full |
Stock Market Development under Globalization : Whither the Gains from Reforms? |
| title_fullStr |
Stock Market Development under Globalization : Whither the Gains from Reforms? |
| title_full_unstemmed |
Stock Market Development under Globalization : Whither the Gains from Reforms? |
| title_sort |
stock market development under globalization : whither the gains from reforms? |
| publisher |
World Bank, Washington, DC |
| publishDate |
2012 |
| url |
http://documents.worldbank.org/curated/en/2007/04/7499115/stock-market-development-under-globalization-whither-gains-reforms http://hdl.handle.net/10986/7011 |
| _version_ |
1764401736910372864 |