Board Reforms, Stock Liquidity, and Stock Market Development

IF 1.9 Q2 BUSINESS, FINANCE

Review of Corporate Finance Studies Pub Date : 2022-09-06 DOI:10.1093/rcfs/cfac030

Buhui Qiu, T. To

引用次数: 1

Abstract

This paper studies the effect of board reforms on stock liquidity using data from 37 countries. We document that board reforms significantly increase stock liquidity: the effective spread on average decreases by 12.7% after a board reform. As information asymmetry is a key determinant of stock liquidity, we further find that board reforms decrease information asymmetry, and the treatment effect of board reforms on stock liquidity is stronger for firms with ex ante higher information asymmetry. Finally, board reforms facilitate healthy stock market development, with the effect being stronger for countries with lower aggregate stock market liquidity prior to reforms.

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董事会改革、股票流动性和股票市场发展

本文利用来自37个国家的数据研究了董事会改革对股票流动性的影响。我们发现，董事会改革显著提高了股票流动性:董事会改革后，有效价差平均下降了12.7%。由于信息不对称是股票流动性的关键决定因素，我们进一步发现董事会改革降低了信息不对称，并且董事会改革对股票流动性的处理效果对事前信息不对称程度较高的公司更强。最后，董事会改革促进了股票市场的健康发展，对改革前股票市场总流动性较低的国家的影响更大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Review of Corporate Finance Studies BUSINESS, FINANCE-

CiteScore

17.80

自引率

1.80%

发文量

期刊介绍： The Review of Corporate Finance Studies (RCFS) is dedicated to publishing high-quality research in the expansive field of Corporate Finance. The journal seeks original contributions, reviewing papers based on their unique insights into Corporate Finance. This encompasses a wide spectrum, including a firm's interactions with stakeholders, capital markets, internal organization structure, compensation mechanisms, corporate governance, and capital management. RCFS also welcomes research in financial intermediation, financial institutions, microstructure, and the implications of asset pricing for Corporate Finance. The journal considers theoretical, empirical, and experimental papers for review.