Why invest in invester protection? New evidences from ADR market.
The purpose of this study is to examine the effects of cross-sectional differences in the level of investor protection across different countries on the firm liquidity, cost of equity and valuation. I analyze 251 firms from 26 different countries listed as ADRs in US as on June 30, 2002. I find that...
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| Format: | Theses and Dissertations |
| Published: |
2008
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| Online Access: | http://hdl.handle.net/10356/7572 |
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| Institution: | Nanyang Technological University |
| Summary: | The purpose of this study is to examine the effects of cross-sectional differences in the level of investor protection across different countries on the firm liquidity, cost of equity and valuation. I analyze 251 firms from 26 different countries listed as ADRs in US as on June 30, 2002. I find that the country-level investor protection has a strong impact on all three stock-related variables. |
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