A Chari… - The Journal of Finance, 2004 - Wiley Online Library
When countries liberalize their stock markets, firms that become eligible for foreign purchase
(investible), experience an average stock price revaluation of 15.1%. Since the historical
covariance of the average investible firm's stock return with the local market is roughly 200 ...
A Chari… - 2002 - nber.org
In the year that capital-poor countries open their stock markets to foreign investors, the
growth rate of their typical firm's capital stock exceeds its pre-liberalization mean by 4.1
percentage points. In each of the next three years the average growth rate of the capital ...
A Chari… - Journal of Financial Economics, 2008 - Elsevier
In the three-year period following stock market liberalizations, the growth rate of the typical
firm's capital stock exceeds its pre-liberalization mean by an average of 4.1 percentage
points. Cross-sectional changes in investment are significantly correlated with the signals ...
A Chari… - 2001 - nber.org
When countries open their stock markets to foreign investors, firms that become eligible for
purchase by foreigners (investible) are repriced according to the difference in the covariance
of their returns with the local and world market. An investible firm whose return covariance ...
A Chari, PP Ouimet… - Review of Financial Studies, 2010 - Soc Financial Studies
Abstract When a developed-country multinational firm acquires majority control of a firm in
an emerging market, there is an economically large and statistically significant increase in
the acquiring firm's stock price. In 1986–2006, developed-market acquirers experienced ...
A Chari… - Journal of Financial Economics, 2008 - Elsevier
This paper investigates the influence of incumbent firms on the decision to allow foreign
direct investment into an industry. Using data from India's economic reforms, the results
show that firms in concentrated industries are more successful at preventing foreign entry, ...
A Chari, PP Ouimet… - 2004 - nber.org
When firms from developed markets acquire firms in emerging markets, market-
capitalization-weighted monthly joint returns show a statistically significant increase of 1.8%.
Panel data estimations suggest that the value gains from cross-border M&A transactions ...
A Chari, P Ouimet… - NBER Working Paper, 2004 - nber.org
Abstract Using a database that covers all transactions that involve a developed-market
acquirer and an emerging-market target from 1988-2002, this paper studies the stock
market's reaction to M&A announcements in emerging markets. The evidence suggests ...
A Chari - Journal of Money, Credit and Banking, 2007 - Wiley Online Library
Using high-frequency data this article provides evidence that, on average, central bank
interventions lead to increased volatility and a widening of bid–ask spreads in the intra-day
market for foreign exchange. The results also show that there is dispersion in the bid–ask ...
A Chari, W Chen… - 2009 - nber.org
This paper examines the recent upsurge in foreign acquisitions of US firms, specifically
focusing on acquisitions made by firms located in emerging markets. Neoclassical theory
predicts that, on net, capital should flow from countries that are capital-abundant to ...
A Chari… - 2004 - nber.org
We confront the two opposing views of capital account liberalization in developing countries
with a new firm-level dataset on investment, stock prices, and sales. In the three-year period
following liberalizations, the growth rate of the typical firm's capital stock exceeds its pre- ...
L Alfaro… - 2009 - nber.org
Using firm-level data this paper analyzes the transformation of India's economic structure
following the implementation of economic reforms. The focus of the study is on publicly-listed
and unlisted firms in manufacturing and services industries. Detailed balance sheet and ...
A Chari… - 2006 - nber.org
We use a new firm-level dataset to examine the efficiency of investment in emerging
economies. In the three-year period following stock market liberalizations, the growth rate of
the typical firm's capital stock exceeds its pre-liberalization mean by an average of 5.4 ...
A Chari, PB Henry… - 2003 - hti.umich.edu
Abstract We present the first firm-level analysis of stock market liberalization on investment.
In the year that an emerging economy liberalizes, the growth rate of its typical firm's capital
stock exceeds the pre-liberalization mean by 4.1 percentage points. In each of the next ...
A Chari, P Ouimet… - NBER Working Paper, 2004 - isb.edu
Abstract This paper examines shareholder value gains from developed-market acquisitions
of emerging-market targets. In stark contrast to the findings based on domestic M&A
transactions, we find that the distribution of gains shifts in favor of developed-market ...
A Chari - American Economic Journal: Economic …, 2011 - siteresources.worldbank.org
Abstract Recent studies have stressed the importance of distortions in resource allocation
across heterogeneous establishments in generating large TFP effects. There is however
little direct empirical evidence from actual policy experiments on the magnitude of these ...
A Chari… - 2006 - papers.ssrn.com
Abstract: This paper investigates the influence of incumbent firms on the decision to allow
foreign direct investment into an industry. Based on data from India's economic reforms, the
results suggest that firms in concentrated industries are more successful at preventing ...
A Chari, W Chen… - 2010 - deepblue.lib.umich.edu
This paper examines the recent upsurge in foreign direct investment by emerging-market
firms into the United States. Traditionally, direct investment flowed from developed to
developing countries, bringing with it superior technology, organizational capital, and ...
A Chari… - 2002 - faculty.haas.berkeley.edu
Using high frequency data this paper finds strong evidence that, on average, by creating
market uncertainty central bank interventions lead to increased volatility and a widening of
bid-ask spreads in the foreign exchange market. These results are consistent with ...
PB Henry, A Chari… - 2011 - papers.ssrn.com
Abstract: For three years after the typical emerging economy opens its stockmarket to inflows
of foreign capital, the average annual growth rate ofthe real wage in the manufacturing
sector increases by a factor ofthree. No such increase occurs in a control group of ...
A Chari, P Ouimet… - 2006 - papers.ssrn.com
Abstract: In stark contrast to the findings based on domestic M&A transactions, we find that
the developed-market acquirers experience positive and significant announcement returns
in transactions that involve an emerging-market target. On average, over the 1988-2003 ...
[CITATION] The political economy of foreign entry liberalization
A Chari… - 2005 - Working Paper, November
A Chari, P Ouimet… - 2004 - american.edu
Abstract Using a database that covers transactions that involve a developed-market acquirer
and an emerging-market target from 1988-2002, this paper studies the stock market's
reaction to M&A announcements in emerging markets. The evidence suggests that the ...
[CITATION] Capital Account Liberalization: Allocative Efficiency or Animal Spirit? University of Michigan Business School Stanford University
A Chari… - 2002 - Working Paper 8908
[CITATION] Linda Tesar, 2010, The value of control in emerging markets
A Chari… - Review of Financial Studies (forthcoming)
[CITATION] Incumbents and protectionism: Firm-level evidence from India
A Chari… - Journal of Financial Economics, 2005
[CITATION] The Market's Response to Developed-Market Acquisitions in Emerging Markets
A Chari… - 2006 - Mimeo, University of Michigan
[CITATION] Acquiring Control in Emerging Markets: Evidence from the Stock Market,” NBER Working Paper No. 10872
A Chari, P Ouimet… - 2004
A Chari, PB Henry… - 2009 - nber.org
For three years after the typical emerging economy opens its stock market to inflows of
foreign capital, the average annual growth rate of the real wage in the manufacturing sector
increases by a factor of three. No such increase occurs in a control group of countries. The ...
A Chari… - 2002 - georgetown.edu
This paper tests cross market linkages and geographic segmentation in the foreign
exchange market in response to the arrival of macro-economic news. I characterize the
behavior of DM/$ quotes (spreads, volatility, quote frequency) from banks physically ...
A Chari… - 2003 - ieo-imf.org
Abstract Using a new dataset of 369 manufacturing firms in developing countries, we
present the first firm-level analysis of capital account liberalization and investment. In the
three-year period following liberalizations, the growth rate of the typical firm's capital stock ...
PB Henry… - 2007 - netec.mcc.ac.uk
Abstract In the three-year period following stock market liberalizations, the growth rate of the
typical firm's capital stock exceeds its pre-liberalization mean by an average of 4.1
percentage points. Cross-sectional changes in investment are significantly correlated with ...
[CITATION] Essays on the microstructure of foreign exchange markets
A Chari - 2000 - UCLA
A Chari… - 2002 - quod.lib.umich.edu
This paper examines the pattern of real exchange rates across three distinct nominal
exchange rate regimes in Europe within a framework of changing trade regimes. Panel data
analysis reveals strong evidence for a decrease in real exchange rate variability when ...
PB Henry… - 2001 - gsbapps.stanford.edu
Abstract When countries open their stock markets to foreign investors, firms that become
eligible for purchase by foreigners (investible) are repriced according to the difference in the
covariance of their returns with the local and world market. An investible firm whose return ...
A Chari… - 2001 - repec.org
Abstract In the month that the capital account is liberalized, all publicly traded firms
experience a 7 percent stock price revaluation. Firms whose shares become eligible for
purchase by foreigners experience an additional revaluation that is directly proportional to ...
[CITATION] The Political Economy of Foreign Entry Deregulation
A Chari… - 2005
A Chari… - The World Economy, 2012 - Wiley Online Library
Despite encouraging signs, India's retail market remains largely off-limits to large
international retailers like Wal-Mart and Carrefour. Opposition to liberalising foreign direct
investment in this sector raises concerns about employment losses, unfair competition ...
A Chari… - … Society 2004 North American Winter Meetings, 2004 - ideas.repec.org
We present the first firm-level analysis of stock market liberalization on investment. In the
year that an emerging economy liberalizes, the growth rate of its typical firm^ Òs capital
stock exceeds the pre-liberalization mean by 4.1 percentage points. In each of the next ...
A Chari - 2001 - cib.espol.edu.ec
ABSTRACT When countries open their stock markets to foreign investors, firms that become
eligible for purchase by foreigners (investible) are repriced according to the difference in the
covariance of their returns with the local and world market. An investible firm whose return ...
L Alfaro… - 2011 - unc.edu
Abstract Theory predicts that deregulation can affect the degree of competition between
firms by reducing and redistributing rents, leading to new distributions of firms within
industries over time. Using firm-level data from India, this paper investigates the ...
A Chari, PB Henry… - 2011 - macrofinance.nipfp.org.in
Allocative E ciency Role: Capital account liberalization allows capital to ow from countries
where it is abundant to countries where it is scarce. Capital ows into liberalizing countries
lower the cost of capital, increase investment and economic growth leading to a ...
[CITATION] Incumbents and Protectionism: Firm-level Evidence from India
ACN Gupta - 2005
A Chari - unc.edu
Page 1. 1 Book Review of Boom-Bust Cycles and Financial Liberalization by Aaron
Tornell and Frank Westermann By Anusha Chari 1. Introduction In the late 1980s and
early 1990s, under the auspices of the Washington Consensus, a ...
A Chari, PP Ouimet… - Working Papers, 2004 - ideas.repec.org
When firms from developed markets acquire firms in emerging markets, marketcapitalization-
weighted monthly joint returns show a statistically significant increase of 1.8%. Panel data
estimations suggest that the value gains from cross-border M&A transactions stem from ...
A Chari, W Chen… - IMF Economic Review, 2012 - palgrave-journals.com
Abstract This paper examines the recent upsurge in foreign direct investment by emerging
market firms into the United States. Traditionally, direct investment flowed from developed to
developing countries, bringing with it superior technology, organizational capital, and ...
Create email alert
About Google Scholar - All About Google - My Citations
©2012 Google