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Risk sharing and asset prices: evidence from a natural experiment

[PDF] from nyu.edu
Full text - MIT Libraries
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 ...
Cited by 183 - Related articles - Library Search - BL Direct - All 44 versions

Capital Account Liberalization: Allocative Efficiency or Animal Spirits?

[PDF] from psu.edu
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 ...
Cited by 78 - Related articles - Library Search - BL Direct - All 27 versions

Firm-specific information and the efficiency of investment

[PDF] from nyu.edu
Full text - MIT Libraries
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 ...
Cited by 45 - Related articles - Library Search - All 32 versions

Stock market liberalizations and the repricing of systematic risk

[PDF] from classle.net
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 ...
Cited by 41 - Related articles - Library Search - BL Direct - All 17 versions

The value of control in emerging markets

[PDF] from unc.edu
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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 ...
Cited by 32 - Related articles - All 23 versions

Incumbents and protectionism: the political economy of foreign entry liberalization

[PDF] from iu.edu
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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, ...
Cited by 28 - Related articles - All 20 versions

Acquiring control in emerging markets: Evidence from the stock market

[PDF] from socionet.ru
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 ...
Cited by 26 - Related articles - Library Search - BL Direct - All 30 versions

[PDF] Cross border mergers and acquisitions in emerging markets: The stock market valuation of corporate control

[PDF] from nber.org
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 ...
Cited by 21 - Related articles - View as HTML - All 7 versions

Heterogeneous Market‐Making in Foreign Exchange Markets: Evidence from Individual Bank Responses to Central Bank Interventions

[PDF] from unc.edu
Full text - MIT Libraries
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 ...
Cited by 18 - Related articles - BL Direct - All 10 versions

Foreign Ownership and Firm Performance: Emerging-Market Acquisitions in the United States

[PDF] from 141.213.232.243
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 ...
Cited by 20 - Related articles - Library Search - All 31 versions

Is the invisible hand discerning or indiscriminate? Investment and stock prices in the aftermath of capital account liberalizations

[PDF] from uni-hamburg.de
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- ...
Cited by 17 - Related articles - Library Search - BL Direct - All 30 versions

India transformed? Insights from the firm level 1988-2005

[PDF] from 66.7.151.178
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 ...
Cited by 15 - Related articles - Library Search - All 21 versions

Firm-Specific Information and the Efficiency of Investment

[PDF] from bcrp.gob.pe
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 ...
Cited by 16 - Related articles - Library Search - BL Direct - All 12 versions

[BOOK] The Invisible Hand in Emerging Markets: Discerning or Indiscriminate?

[PDF] from umich.edu
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 ...
Cited by 10 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 9 versions

[PDF] Acquirer gains in emerging markets

[PDF] from isb.edu
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 ...
Cited by 9 - Related articles - View as HTML - All 2 versions

[PDF] Identifying the Aggregate Productivity Effects of Entry and Size Restrictions: An Empirical Analysis of License Reform in India

[PDF] from worldbank.org
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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 ...
Cited by 9 - Related articles - View as HTML - All 4 versions

The influence of domestic firms on foreign direct investment liberalization

[PDF] from isb.edu
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 ...
Cited by 7 - Related articles - All 35 versions

Foreign Ownership and Corporate Restructuring: Direct Investment by Emerging-Market Firms in the United States

[PDF] from umich.edu
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 ...
Cited by 7 - Related articles - All 18 versions

[BOOK] Divine intervention?: speculators and central banks in the foreign exchange market

[PDF] from berkeley.edu
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 ...
Cited by 7 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 15 versions

Capital market integration and wages

[PDF] from nyu.edu
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 ...
Cited by 6 - Related articles - All 24 versions

The Returns to Developed-Market Acquirers in Emerging Markets

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 ...
Cited by 3 - Related articles

[CITATION] The political economy of foreign entry liberalization

A Chari… - 2005 - Working Paper, November
Cited by 3 - Related articles

[PDF] The Stock Market Valuation of Corporate Control: Evidence from Cross-Border Mergers and Acquisitions in Emerging Markets

[PDF] from american.edu
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 ...
Cited by 3 - Related articles - View as HTML - All 2 versions

[CITATION] Capital Account Liberalization: Allocative Efficiency or Animal Spirit? University of Michigan Business School Stanford University

A Chari… - 2002 - Working Paper 8908
Cited by 2 - Related articles

[CITATION] Linda Tesar, 2010, The value of control in emerging markets

A Chari… - Review of Financial Studies (forthcoming)
Cited by 2 - Related articles

[CITATION] Incumbents and protectionism: Firm-level evidence from India

A Chari… - Journal of Financial Economics, 2005
Cited by 2 - Related articles - Get it from MIT Libraries

[CITATION] The Market's Response to Developed-Market Acquisitions in Emerging Markets

A Chari… - 2006 - Mimeo, University of Michigan
Cited by 2 - Related articles

[CITATION] Acquiring Control in Emerging Markets: Evidence from the Stock Market,” NBER Working Paper No. 10872

A Chari, P Ouimet… - 2004
Cited by 2 - Related articles

Capital market integration and wages

[PDF] from nyu.edu
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 ...
Cited by 2 - Related articles - All 8 versions

[BOOK] An Analysis of Macroeconomic Announcements Across Locations in the DM/dollar Market

[PDF] from georgetown.edu
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 ...
Cited by 1 - Related articles - View as HTML - Get it from MIT Libraries - Library Search - All 12 versions

[PDF] Capital Account Liberalization, Investment, and the Invisible Hand

[PDF] from ieo-imf.org
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 ...
Cited by 1 - Related articles - View as HTML - All 10 versions

[PDF] STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH

[PDF] from mcc.ac.uk
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 ...
Related articles - View as HTML - All 4 versions

[CITATION] Essays on the microstructure of foreign exchange markets

A Chari - 2000 - UCLA
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[BOOK] Cross-Regime Behavior of Real Exchange Rates: Evidence From The European Monetary System

[PDF] from umich.edu
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 ...
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[BOOK] Stock Market Liberalizations and the Repricing of Systematic Risk

[PDF] from stanford.edu
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 ...
View as HTML - Get it from MIT Libraries - Library Search - All 8 versions

[PDF] Capital Account Liberalization, Risk Sharing and Asset Prices

[PDF] from repec.org
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 ...
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[CITATION] The Political Economy of Foreign Entry Deregulation

A Chari… - 2005
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Foreign Direct Investment in India's Retail Bazaar: Opportunities and Challenges

[PDF] from unc.edu
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 ...
Related articles - Get it from MIT Libraries - All 4 versions

The Invisible Hand in Emerging Markets

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 ...
Cached - All 4 versions

[PDF] Stock Market Liberalizations and the Repricing of Systematic Risk Anusha Chari and Peter Blair Henry

[PDF] from espol.edu.ec
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 ...
Related articles

[PDF] Does Liberalization Promote Competition?

[PDF] from unc.edu
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 ...
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[PDF] Does Capital Scarcity Matter?

[PDF] from nipfp.org.in
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 ...
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[CITATION] Incumbents and Protectionism: Firm-level Evidence from India

ACN Gupta - 2005

[PDF] Book Review of Boom-Bust Cycles and Financial Liberalization by Aaron Tornell and Frank Westermann

[PDF] from unc.edu
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 ...
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Enhancing the Benefits for India and Other Developing Countries in the Doha Development Agenda Negotiations

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 ...
Cached - Get it from MIT Libraries - All 6 versions

Foreign Ownership and Firm Performance: Emerging Market Acquisitions in the United States

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 ...
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