The DOI matches its Crossref record; 2 of the 2 references it cites were found in a registry or an index.
Foreign Speculators and Emerging Equity Markets
Abstract
We propose a cross‐sectional time‐series model to assess the impact of market liberalizations in emerging equity markets on the cost of capital, volatility, beta, and correlation with world market returns. Liberalizations are defined by regulatory changes, the introduction of depositary receipts and country funds, and structural breaks in equity capital flows to the emerging markets. We control for other economic events that might confound the impact of foreign speculators on local equity markets. Across a range of specifications, the cost of capital always decreases after a capital market liberalization with the effect varying between 5 and 75 basis points.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
On the impossibility of informationally efficient markets
Stiglitz, J. E., & Grossman, S. J. (1980) · Columbia University · doi:10.7916/d8765r99 · Cited by 3,645
Predictable Risk and Returns in Emerging Markets
Harvey, C. R. (1995) · Review of Financial Studies · doi:10.1093/rfs/8.3.773 · Cited by 982
Self-citation
Cited by
Does financial liberalization spur growth?
BEKAERT, G., HARVEY, C., & LUNDBLAD, C. (2005) · Journal of Financial Economics · doi:10.1016/j.jfineco.2004.05.007 · Cited by 2,012
Self-citationHAIL, L., & LEUZ, C. (2006) · Journal of Accounting Research · doi:10.1111/j.1475-679x.2006.00209.x · Cited by 1,371
Do stock market liberalizations cause investment booms?
Henry, P. B. (2000) · Journal of Financial Economics · doi:10.1016/s0304-405x(00)00073-8 · Cited by 864
Financial globalization: A reappraisal
Kose, M. A., Prasad, E., Rogoff, K., & Wei, S.-J. (2009) · IMF Staff Papers · doi:10.1057/imfsp.2008.36 · Cited by 956
Legal protection of investors, corporate governance, and the cost of equity capital
Chen, K. C. W., Chen, Z., & Wei, K. C. J. (2009) · Journal of Corporate Finance · doi:10.1016/j.jcorpfin.2009.01.001 · Cited by 669
Does Financial Liberalization Reduce Financing Constraints?
Laeven, L. (2003) · Financial Management · doi:10.2307/3666202 · Cited by 462
On the Growth Effect of Stock Market Liberalizations
Gupta, N., & Yuan, K. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhp001 · Cited by 269
Hsueh, S.-J., Hu, Y.-H., & Tu, C.-H. (2013) · Economic Modelling · doi:10.1016/j.econmod.2013.02.027 · Cited by 231
Stock market development and internationalization: Do economic fundamentals spur both similarly?
Claessens, S., Klingebiel, D., & Schmukler, S. L. (2006) · Journal of Empirical Finance · doi:10.1016/j.jempfin.2006.03.002 · Cited by 127
The More, the Better? Predicting Stock Returns with Local and Global Data
Cakici, N., & Zaremba, A. (2025) · doi:10.2139/ssrn.5181449 · Cited by 2
Metadata
- Authors
- Bekaert, G., & Harvey, C. R.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 2000-04
- Volume
- 55
- Issue
- 2
- Pages
- 565-613
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W3124437711
- Cited by
- 1,865
- References
- 2
- FWCI
- 126.96
- Type
- journal article
- Language
- en
- Open access
- closed
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
