How does liberalization affect emerging stock markets? Theories and empirical evidence
综述了自由化对新兴股票市场在股权成本、波动性、流动性和信息效率方面的影响，梳理了风险分散、信息共享、摩擦渠道和市场竞争四种机制，并指出需要进一步实证检验的理论观点。
Abstract This paper reviews the literature that discusses how liberalization affects emerging stock markets on the cost of equity, stock volatility, stock liquidity , and informational efficiency . The survey consists of two parts, theoretical arguments and empirical evidence. Four primary mechanisms explaining the impacts are risk diversification, information‐sharing, friction channel , and market competition . Our survey indicates that liberalization was evidenced to reduce the cost of equity (via risk diversification mechanism), stabilize stock volatility (mainly through risk diversification mechanism), increase stock market liquidity (in both friction channels and informational‐sharing mechanisms), and improve the local market's informational efficiency (by informational‐sharing mechanism). Also, we suggest some aspects of theoretical arguments that still need further examination by empirical research.