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Enhancing the efficiency of securities markets in East Asia

机译：提高东亚证券市场的效率

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摘要

We explore the relative efficiency of stock markets across countries using newly available data on transactions costs and the quality of the informational environment of stock markets. These new measures are constructed from firm-level stock returns in a panel of 60 countries for the period 2000-2004. We develop a framework to understand the linkages between efficiency, liquidity, transactions costs, and informational quality and then study their determinants. We find that some institutional arrangements - such as the availability of stock lending and short selling - and the openness of markets are associated with lower transactions costs. We also find that, although disclosure rules for directors and officers of listed firms are essential, the ability of shareholders to seek redress is more conducive to a better informational environment in stock markets. This in turn serves as the basis for policy recommendations for the East Asian region. In particular, the region needs to continue to strengthen the implementation and enforcement of corporate governance, to further enhance the market and institutional infrastructure, and focus on measures to foster a larger and more diversified investor base, in order to continue to see gains in the efficiency of stock markets.
机译：我们使用有关交易成本和股票市场信息环境质量的最新可用数据来研究各国股票市场的相对效率。这些新措施是根据2000-2004年期间60个国家/地区的公司一级的股票收益率构建的。我们建立了一个框架，以了解效率，流动性，交易成本和信息质量之间的联系，然后研究其决定因素。我们发现，某些制度安排（例如，股票借贷的可用性和卖空）以及市场的开放性与较低的交易成本相关。我们还发现，尽管对上市公司董事和高级管理人员的披露规则至关重要，但股东寻求赔偿的能力更有利于股票市场的信息环境。这反过来又为东亚地区的政策建议奠定了基础。尤其是，该地区需要继续加强公司治理的实施和执行，以进一步改善市场和机构基础设施，并着重于采取措施以建立更大和更多样化的投资者基础，以便继续在该领域取得收益。股票市场的效率。

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