Equity-Market Liberalizations as Country IPO's
提出股票市场自由化类似于国家的首次公开募股，两者都受投资者保护、代理成本和信息不对称的限制，并发现自由化后市场短期表现强劲但长期疲软，尤其对金融发展较差的国家更明显。
Equity market liberalizations are like IPOs, but they are IPOs of a country's stock market rather than of individual firms. Both are endogenous events whose benefits are limited by poor investor protection, agency costs, and information asymmetries. As for stock prices following an IPO, there are legitimate concerns about the efficiency in the period following the liberalization of the stock market returns of countries that liberalize their equity markets. Equity markets of liberalizing countries experience extremely strong performance immediately after the liberalization, but then go through a period of poor performance. This pattern of stock returns is more dramatic for countries with poorer financial development before the liberalization.