標題: Legal institutions and fragile financial markets
作者: Chiu, Junmao
Chung, Huimin
資訊管理與財務金融系 註:原資管所+財金所
Department of Information Management and Finance
關鍵字: Legal institutions;Information environments;Disclosure requirements;Funding constraint;Equity liquidity
公開日期: 1-May-2019
摘要: This study investigates equity liquidity variation with a funding constraint across 38 countries and examines whether the effectiveness of a country's legal institutions is systematically related to cross-country differences in fragile equity liquidity. Our results show that firms from countries with more extensive disclosure requirements tend to have lower liquidity shocks due to funding constraints, leading to higher firm value. This effect is stronger for ex-ante disclosures, especially for countries with a high level of openness and market volatility. Our empirical results are robust to the 2SLS regression model, the random effect regression model, the alternative measure of fragile equity liquidity, and the alternative measure of disclosure and enforcement variables. Our study provides a better understanding of the effect of information environments amidst periods of funding constraint. (C) 2019 Elsevier Ltd. All rights reserved.
URI: http://dx.doi.org/10.1016/j.jimonfin.2019.02.009
http://hdl.handle.net/11536/148890
ISSN: 0261-5606
DOI: 10.1016/j.jimonfin.2019.02.009
期刊: JOURNAL OF INTERNATIONAL MONEY AND FINANCE
Volume: 93
起始頁: 277
結束頁: 298
Appears in Collections:Articles