Does better corporate governance result in higher valuations in emerging markets? Another examination using a new data set
This paper utilizes a new data set from AllianceBernstein that, unlike other corporate governance data, has monthly-updated firm-level governance ratings for 21 emerging markets countries for almost a five year period. With these unique data, we examine how changes in corporate governance ratings impact firm valuation. Using this test we find evidence that improvements in corporate governance result in significantly higher valuations.
Year of publication: |
2009
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Authors: | Morey, Matthew ; Gottesman, Aron ; Baker, Edward ; Godridge, Ben |
Published in: |
Journal of Banking & Finance. - Elsevier, ISSN 0378-4266. - Vol. 33.2009, 2, p. 254-262
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Publisher: |
Elsevier |
Keywords: | Corporate governance Emerging markets Valuation Ratings |
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