Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices
研究政府允许外国人购买本国股票这一自由化决策对股票价格的影响，发现自由化实施前八个月内，新兴市场股票价格平均每月实际上涨3.3%，符合国际资产定价模型关于风险分担降低资本成本的预测。
A stock market liberalization is a decision by a country's government to allow foreigners to purchase shares in that country's stock market. On average, a country's aggregate equity price index experiences abnormal returns of 3.3 percent per month in real dollar terms during an eight‐month window leading up to the implementation of its initial stock market liberalization. This result is consistent with the prediction of standard international asset pricing models that stock market liberalization may reduce the liberalizing country's cost of equity capital by allowing for risk sharing between domestic and foreign agents.