About: This paper examines the valuation effect of capital account liberalization. Using an event study approach and the policy announcement for RMB Qualified Foreign Institutional Investors (short for RQFII) as the event date, we find that overall, the stock market responded positively to the capital account liberalization announcement. In addition, we provide some heterogeneity that firms with more stringent financing constraints earn higher returns than their counterparts. Finally, existing local institutions play an important role in determining announcement returns.   Goto Sponge  NotDistinct  Permalink

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  • This paper examines the valuation effect of capital account liberalization. Using an event study approach and the policy announcement for RMB Qualified Foreign Institutional Investors (short for RQFII) as the event date, we find that overall, the stock market responded positively to the capital account liberalization announcement. In addition, we provide some heterogeneity that firms with more stringent financing constraints earn higher returns than their counterparts. Finally, existing local institutions play an important role in determining announcement returns.
Subject
  • Investment
  • Stock market
  • Capitalism
  • Dutch inventions
  • International trade
  • Institutional investors
  • International macroeconomics
  • 17th-century introductions
  • National accounts
  • Currencies of China
  • Renminbi
  • Valuation (finance)
  • Currencies introduced in 1949
  • Currency symbols
  • Chinese numismatics
  • Investment in China
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