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dc.contributor.authorMiles, William
dc.date.accessioned2017-05-25T18:39:29Z
dc.date.available2017-05-25T18:39:29Z
dc.date.issued2005-02
dc.identifier.citationMiles, William R.; Miller, Robert M. 2005. Trading externalities and new equity issues in emerging markets. Journal of Multinational Financial Management, vol. 15:no. 1:pp 1-13
dc.identifier.issn1042-444X
dc.identifier.urihttps://doi.org/10.1016/j.mulfin.2003.09.002
dc.identifier.urihttp://hdl.handle.net/10057/13171
dc.descriptionClick on the DOI link to access the article (may not be free).
dc.description.abstractThe volatility in emerging market finance over the last decade has highlighted the importance of developing equity exchanges to enhance risk sharing between international investors. Debt markets do not allow for as much risk sharing. Theoretically, stock market development involves trading externalities, as the decision by one firm to list provides a positive spillover for other firms considering an initial offering. This theory thus has a clear policy implication in terms of deliberate government action to promote stock market development. This paper tests empirically for the existence of trading externalities in developing countries, and finds evidence of such externalities for Latin American, but not Asian, stock markets.
dc.language.isoen_US
dc.publisherElsevier
dc.relation.ispartofseriesJournal of Multinational Financial Management;v.15:no.1
dc.subjectGeneral financial markets
dc.subjectInternational financial markets
dc.titleTrading externalities and new equity issues in emerging markets
dc.typeArticle
dc.rights.holderCopyright 2004 Elsevier B.V. All rights reserved.


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