Foreign Portfolio Equity Investments, Financial Liberalization, and Economic Development

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Financial Globalization: A Reappraisal (2009, unknown): “41 See Claessens, Demirgüç-Kunt, and Huizinga (2001); Errunza (2001); Levine (2001); Claessens and Laeven (2003); Clarke, Cull, Martinez Peria, and Sanchez (2003); and Schmukler (2003) One cannot, however, rule out the view that, in very poor countries, the entry of foreign banks could wipe out…”
Financial Globalization: Gain and Pain for Developing Countries (2003, unknown): “Errunza and Miller (1999) document a significant decline in the cost of capital for firms using depository receipts. Miller (1999) finds positive abnormal returns around the announcement date of a depository receipt program.”
Emerging Markets Finance (2003, methodology): “Using a sample of 126 ADRs from 32 countries, Errunza and Miller (2000) document a very significant decline in the cost of capital.”
Stock market development under globalization : whither the gains from reforms ? (2007, background): “7 better corporate governance practices, reducing agency problems (Stulz, 1999; Errunza, 2001).”
Characterizing World Market Integration through Time (2007, methodology): “We study eight emerging markets over the period 1977–2000 and use GARCH-in-mean methodology to estimate their degree of integration based on the two-factor Errunza-Losq (1985) asset pricing model.”