메뉴 건너뛰기




Volumn 31, Issue 2, 2007, Pages 297-316

Privatization and stock market liquidity

Author keywords

Financial market development; International finance; Liquidity externality; Privatization

Indexed keywords


EID: 33846564925     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2006.04.008     Document Type: Article
Times cited : (33)

References (62)
  • 3
    • 0013068840 scopus 로고    scopus 로고
    • Illiquidity and stock returns: Cross-section and time-series effects
    • Amihud Y. Illiquidity and stock returns: Cross-section and time-series effects. Journal of Financial Markets 5 (2002) 31-56
    • (2002) Journal of Financial Markets , vol.5 , pp. 31-56
    • Amihud, Y.1
  • 5
    • 0031234564 scopus 로고    scopus 로고
    • Market microstructure and securities values: Evidence from the Tel Aviv stock exchange
    • Amihud Y., Mendelson H., and Lauterbach B. Market microstructure and securities values: Evidence from the Tel Aviv stock exchange. Journal of Financial Economics 45 (1997) 365-390
    • (1997) Journal of Financial Economics , vol.45 , pp. 365-390
    • Amihud, Y.1    Mendelson, H.2    Lauterbach, B.3
  • 7
    • 1842813965 scopus 로고    scopus 로고
    • Liquidity externalities and adverse selection: Evidence from trading after hours
    • Barclay M.J., and Hendershott T. Liquidity externalities and adverse selection: Evidence from trading after hours. Journal of Finance 59 (2004) 681-710
    • (2004) Journal of Finance , vol.59 , pp. 681-710
    • Barclay, M.J.1    Hendershott, T.2
  • 8
    • 84993905064 scopus 로고    scopus 로고
    • Time-varying world market integration
    • Bekaert G., and Harvey C.G. Time-varying world market integration. Journal of Finance 50 (2000) 403-444
    • (2000) Journal of Finance , vol.50 , pp. 403-444
    • Bekaert, G.1    Harvey, C.G.2
  • 10
    • 0041672311 scopus 로고    scopus 로고
    • The world price of insider trading
    • Bhattacharya U., and Daouk H. The world price of insider trading. Journal of Finance 57 (2002) 75-108
    • (2002) Journal of Finance , vol.57 , pp. 75-108
    • Bhattacharya, U.1    Daouk, H.2
  • 11
    • 84993923279 scopus 로고
    • Price formation and equilibrium liquidity in fragmented and centralized markets
    • Biais B. Price formation and equilibrium liquidity in fragmented and centralized markets. Journal of Finance 48 (1993) 157-185
    • (1993) Journal of Finance , vol.48 , pp. 157-185
    • Biais, B.1
  • 12
    • 33846647481 scopus 로고    scopus 로고
    • Bortolotti, B. and P. Pinotti 2003. The political economy of privatization. FEEM Note di Lavoro, no. 45.
  • 14
    • 0009408444 scopus 로고    scopus 로고
    • Privatization and the rise of global capital markets
    • Boutchkova M.K., and Megginson W.L. Privatization and the rise of global capital markets. Financial Management 29 4 (2000) 31-75
    • (2000) Financial Management , vol.29 , Issue.4 , pp. 31-75
    • Boutchkova, M.K.1    Megginson, W.L.2
  • 15
    • 33846589802 scopus 로고    scopus 로고
    • Chiesa, G., Nicodano, G., 2003. Privatization and financial market development: Theoretical Issues. FEEM Note di Lavoro.
  • 16
    • 33846604666 scopus 로고    scopus 로고
    • Chiri, S., Panetta, F., 1994. Privatizzare: Come? Spunti da una ricognizione comparata dei casi inglese e francese, in Il mercato della proprietà e del controllo delle imprese: aspetti teorici ed istituzionali, Contributi di Analisi Economica. Banca d'Italia, Roma.
  • 18
    • 27944481715 scopus 로고    scopus 로고
    • Time-varying market integration and expected returns in emerging markets
    • De Jong F., and De Roon F. Time-varying market integration and expected returns in emerging markets. Journal of Financial Economics 78 (2005) 583-613
    • (2005) Journal of Financial Economics , vol.78 , pp. 583-613
    • De Jong, F.1    De Roon, F.2
  • 19
    • 0043288766 scopus 로고    scopus 로고
    • Equity trading systems in Europe: A survey of recent changes
    • Demarchi M., and Foucault T. Equity trading systems in Europe: A survey of recent changes. Annales-d'Economie-et-de-Statistique 60 (2000) 73-115
    • (2000) Annales-d'Economie-et-de-Statistique , vol.60 , pp. 73-115
    • Demarchi, M.1    Foucault, T.2
  • 21
    • 0040428176 scopus 로고    scopus 로고
    • International cross listing and order flow migration: Evidence from an emerging market
    • Domowitz I., Glen J., and Madhavan A. International cross listing and order flow migration: Evidence from an emerging market. Journal of Finance 53 (1998) 2001-2027
    • (1998) Journal of Finance , vol.53 , pp. 2001-2027
    • Domowitz, I.1    Glen, J.2    Madhavan, A.3
  • 22
    • 84993909002 scopus 로고
    • The world price of foreign exchange
    • Dumas B., and Solnik B. The world price of foreign exchange. Journal of Finance 50 (1995) 445-479
    • (1995) Journal of Finance , vol.50 , pp. 445-479
    • Dumas, B.1    Solnik, B.2
  • 23
  • 24
    • 1642379221 scopus 로고    scopus 로고
    • Endogenous liquidity in asset markets
    • Eisfeld A. Endogenous liquidity in asset markets. Journal of Finance 59 (2004) 1-30
    • (2004) Journal of Finance , vol.59 , pp. 1-30
    • Eisfeld, A.1
  • 25
    • 33846569978 scopus 로고    scopus 로고
    • Ellul, A., Pagano, M., forthcoming. IPO underpricing and after-market liquidity, University of Naples and CSEF. Review of Financial Studies.
  • 26
    • 0005166613 scopus 로고
    • Germany: Symbolic privatisations in a social market economy
    • Wright V. (Ed), Pinter, London
    • Esser J. Germany: Symbolic privatisations in a social market economy. In: Wright V. (Ed). Privatization in Western Europe (1994), Pinter, London
    • (1994) Privatization in Western Europe
    • Esser, J.1
  • 27
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States
    • Foerster S.R., and Karolyi G.A. The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the United States. The Journal of Finance 54 (1999) 981-1010
    • (1999) The Journal of Finance , vol.54 , pp. 981-1010
    • Foerster, S.R.1    Karolyi, G.A.2
  • 28
    • 33846583628 scopus 로고    scopus 로고
    • Fuerst, O., 1998. A theoretical analysis of investor protection regulations argument for global listings of stocks, Yale School of Management, unpublished manuscript.
  • 29
    • 0345401653 scopus 로고
    • Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders
    • Glosten L., and Milgrom P. Bid, ask, and transaction prices in a specialist market with heterogeneously informed traders. Journal of Financial Economics 14 1 (1985) 71-100
    • (1985) Journal of Financial Economics , vol.14 , Issue.1 , pp. 71-100
    • Glosten, L.1    Milgrom, P.2
  • 31
    • 0001188867 scopus 로고
    • On the impossibility of informationally efficient markets
    • Grossman S.J., and Stiglitz J.E. On the impossibility of informationally efficient markets. American Economic Review 70 (1980) 393-408
    • (1980) American Economic Review , vol.70 , pp. 393-408
    • Grossman, S.J.1    Stiglitz, J.E.2
  • 32
    • 0006215408 scopus 로고    scopus 로고
    • When does internationalization enhance the development of domestic stock markets?
    • Hargis K., and Ramanlal P. When does internationalization enhance the development of domestic stock markets?. Journal of Financial Intermediation 7 (1998) 263-292
    • (1998) Journal of Financial Intermediation , vol.7 , pp. 263-292
    • Hargis, K.1    Ramanlal, P.2
  • 33
    • 33846633312 scopus 로고    scopus 로고
    • Hasbrouck, J., 2003. Trading costs and returns for US equities: The evidence from daily data. Working Paper, N.Y.U. Stern School of Business.
  • 34
    • 0008919779 scopus 로고    scopus 로고
    • Stock market liberalization, economic reform, and emerging market equity prices
    • Henry P.B. Stock market liberalization, economic reform, and emerging market equity prices. Journal of Finance 55 (2000) 529-564
    • (2000) Journal of Finance , vol.55 , pp. 529-564
    • Henry, P.B.1
  • 36
    • 84970315639 scopus 로고
    • Expert interpretations of party space and party locations in 42 societies
    • Huber J., and Inglehart R. Expert interpretations of party space and party locations in 42 societies. Party Politics 1 (1995) 73-111
    • (1995) Party Politics , vol.1 , pp. 73-111
    • Huber, J.1    Inglehart, R.2
  • 37
    • 33846614174 scopus 로고    scopus 로고
    • Jain-Chandra, S., 2002. The impact of stock market liberalization, liquidity and efficiency in emerging stock markets, Columbia University, mimeo.
  • 39
    • 33846590998 scopus 로고    scopus 로고
    • Karolyi, G.A., forthcoming. The role of ADRs in the development of emerging equity markets. Review of Economics and Statistics.
  • 40
    • 33846644049 scopus 로고    scopus 로고
    • Keloharju, M., Knupfer, S., Torstila, S., 2004. Do retail incentives work in privatizations? CEPR Discussion Papers no. 4612.
  • 41
    • 0000859303 scopus 로고
    • Continuous auctions and insider trading
    • Kyle A.S. Continuous auctions and insider trading. Econometrica 53 (1985) 1315-1336
    • (1985) Econometrica , vol.53 , pp. 1315-1336
    • Kyle, A.S.1
  • 42
    • 0000329790 scopus 로고    scopus 로고
    • Financial development and economic growth: Views and agenda
    • Levine R. Financial development and economic growth: Views and agenda. Journal of Economic Literature 35 (1997) 688-726
    • (1997) Journal of Economic Literature , vol.35 , pp. 688-726
    • Levine, R.1
  • 43
    • 0346613552 scopus 로고    scopus 로고
    • Stock markets, banks, and economic growth
    • Levine R., and Zervos S. Stock markets, banks, and economic growth. American Economic Review 88 3 (1998) 537-558
    • (1998) American Economic Review , vol.88 , Issue.3 , pp. 537-558
    • Levine, R.1    Zervos, S.2
  • 44
    • 0001582485 scopus 로고    scopus 로고
    • Trying to explain home bias in equities and consumption
    • Lewis K.K. Trying to explain home bias in equities and consumption. Journal of Economic Literature 37 2 (1999) 571-608
    • (1999) Journal of Economic Literature , vol.37 , Issue.2 , pp. 571-608
    • Lewis, K.K.1
  • 45
    • 0004100179 scopus 로고    scopus 로고
    • Yale University Press, New Haven and London
    • Lijphart A. Patterns of Democracy (1999), Yale University Press, New Haven and London
    • (1999) Patterns of Democracy
    • Lijphart, A.1
  • 46
    • 33846568469 scopus 로고    scopus 로고
    • Lombardo, D., Pagano, M., 2000. Legal determinants of the return on equity. Working Paper, Stanford University.
  • 48
    • 0001759920 scopus 로고    scopus 로고
    • From state to market: A survey of empirical studies on privatization
    • Megginson W.L., and Netter J.M. From state to market: A survey of empirical studies on privatization. Journal of Economic Literature 39 (2001) 321-389
    • (2001) Journal of Economic Literature , vol.39 , pp. 321-389
    • Megginson, W.L.1    Netter, J.M.2
  • 49
    • 0011049386 scopus 로고
    • Random competitive exchange: Price distributions and gains from trade
    • Mendelson H. Random competitive exchange: Price distributions and gains from trade. Journal of Economic Theory 37 (1985) 254-280
    • (1985) Journal of Economic Theory , vol.37 , pp. 254-280
    • Mendelson, H.1
  • 50
    • 84977707554 scopus 로고
    • A simple model of capital market equilibrium with incomplete information
    • Merton R. A simple model of capital market equilibrium with incomplete information. Journal of Finance 42 (1987) 483-510
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.1
  • 52
    • 0000370145 scopus 로고
    • Endogenous market thinness and stock price volatility
    • Pagano M. Endogenous market thinness and stock price volatility. Review of Economic Studies 56 (1989) 269-287
    • (1989) Review of Economic Studies , vol.56 , pp. 269-287
    • Pagano, M.1
  • 53
    • 43949170563 scopus 로고
    • The flotation of companies and the stock market: A coordination failure model
    • Pagano M. The flotation of companies and the stock market: A coordination failure model. European Economic Review 37 (1993) 1101-1125
    • (1993) European Economic Review , vol.37 , pp. 1101-1125
    • Pagano, M.1
  • 54
    • 0013467834 scopus 로고    scopus 로고
    • The geography of equity listing: Why do companies list abroad?
    • Pagano M., Roell A., and Zechner J. The geography of equity listing: Why do companies list abroad?. The Journal of Finance LVII (2002) 2651-2694
    • (2002) The Journal of Finance , vol.LVII , pp. 2651-2694
    • Pagano, M.1    Roell, A.2    Zechner, J.3
  • 56
    • 33751418646 scopus 로고    scopus 로고
    • Firm characteristics and emerging market liberalizations
    • Patro D.K., and Wald J.K. Firm characteristics and emerging market liberalizations. Journal of Banking and Finance 29 7 (2005) 1671-1695
    • (2005) Journal of Banking and Finance , vol.29 , Issue.7 , pp. 1671-1695
    • Patro, D.K.1    Wald, J.K.2
  • 58
    • 33846604664 scopus 로고    scopus 로고
    • Perotti, E., Laeven, L., 2002. Confidence building in emerging stock markets. Working Paper, University of Amsterdam.
  • 59
    • 0002377673 scopus 로고    scopus 로고
    • Privatization, political risk, and stock market development in emerging economies
    • Perotti E., and van Oijen P. Privatization, political risk, and stock market development in emerging economies. Journal of International Money and Finance 20 1 (2001) 43-69
    • (2001) Journal of International Money and Finance , vol.20 , Issue.1 , pp. 43-69
    • Perotti, E.1    van Oijen, P.2
  • 60
    • 0001906819 scopus 로고    scopus 로고
    • Globalization of capital markets and the cost of capital
    • Stulz R.M. Globalization of capital markets and the cost of capital. Journal of Applied Corporate Finance Fall (1999) 8-25
    • (1999) Journal of Applied Corporate Finance , Issue.Fall , pp. 8-25
    • Stulz, R.M.1
  • 61
    • 0040531555 scopus 로고    scopus 로고
    • The going public decision and the development of financial markets
    • Subrahmaniam S., and Titman S. The going public decision and the development of financial markets. Journal of Finance 54 (1999) 1045-1082
    • (1999) Journal of Finance , vol.54 , pp. 1045-1082
    • Subrahmaniam, S.1    Titman, S.2


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.