Legal protection of investors, corporate governance, and investable premia in emerging markets

We examine the interaction between the legal protection of investors, corporate governance within firms, institutional development between countries, and investable premia in emerging markets. In a multi country setting and using a novel dataset we find that better-governed firms experience significantly greater stock price increases upon equity market liberalization. We look to see whether well-governed firms in poorly governed countries enjoy an investability premium as measured by Tobin’s q. We find they do. Investors look beyond the seemingly weak country-level governance structures, and focus on corporate governance.Investability, Corporate Governance, Tobin's q, Emerging Markets

Hugh O'Neill: religious chameleon, free spirit or ardent Catholic?

Most agree that the Nine Years War (1594-1603) was a least partly religious in motivation. Curiously enough, while we do know something of the religious issues which protagonists claimed as inspiration, we know little of their own religious practice or convictions. This is especially the case of Hugh O'Neill, earl of Tyrone. Religious conviction is, of course, a notoriously dangerous field of historical enquiry but given that O'Neill propaganda presented him as a Catholic crusader and taking into account the doubts some of his contemporaries raised regarding the sincerity of his religious convictions, it might not be amiss to enquire, in so far as the sources permit, what O'Neill's Catholicism was like

Legal bonding, investor recognition, and cross-listing premia in emerging markets. Economics Finance & Accounting Working Paper Series N226-12

Using the IFC investable measure to designate firms as either investable or non-investable prior to cross-listing, I show that Level 2/3 cross-listing firms that were previously non-investable enjoy the largest "cross-listing premia". Since previously non-investable firms are likely to experience the largest increase in their shareholder base post-listing, the results are consistent with the notion that enhanced "recognition" explains cross-listing premia. For these firms, a combination of bonding and greater recognition serves to deliver the largest cross-listing premia. For previously investable firms, bonding alone is sufficient to generate cross-listing premia

Gould, Thomas (1657-1734)

Gould, Thomas (1657-1734) Catholic priest and missionary to Huguenots was born in Cork. He arrived in France about 1678, settled in Poitiers and studied theology at the Irish Jesuit College. He quickly came to the notice of the local bishop, Hardouin Fortin de la Hoguette who appointed him chaplain to the Ursulines in Thouars in 1681 or 1682

O'Hearn, Francis (1747-1801)

O'Hearn, Francis (1747-1801), Irish catholic theologian and Flemish-language author, was born in Derry, in the parish of Modeligo, co. Waterford. He had at least two brothers, Thomas and Timothy, both of whom were ordained priests. He received his early education from an uncle, William Brown, parish priest of Clashmore and, at a very early age, was sent to the Irish Pastoral College, Louvain

O'Daly, Daniel Dominic (1595-1662)

O'Daly, Daniel Dominic (1595-1662), Dominican priest, diplomat and historian, was born at Kilsarkan, near Castleisland in Co. Kerry into the Kerry branch of the hereditary poetic family, the O Dálaigh. He entered the Dominican Order at Lugo in Galicia, Spain and studied at Bordeaux, Burgos and Salamanca in 1622-3. He took the religious name Dominic de Rosario

Hooke, Luke Joseph (1714-96)

Hooke, Luke Joseph (1714-96), catholic theologian, one of three children of Nathaniel Hooke (d. 1763), historian of Rome and Mary Gore, English protestant, was born in Dublin. He was brought to Paris in the 1720s probably by his father who acted as secretary to his uncle, Nathaniel Hooke (1660-1738), Jacobite and French diplomatic agent. When his father quit Paris for England, his son remained with his granduncle and his wife, Lady Eleanor McCarthy Reagh (1683-1731) in the rue St Jacques du Haut-Pas. He took his masters in arts in 1734. It is likely that he got to know Denis Diderot at this time. The following year he entered the Seminary of St Nicolas du Chardonnet, as a student for the Dublin archdiocese