{"id":"https://openalex.org/W2016971986","doi":"https://doi.org/10.1016/s0304-405x(00)00073-8","title":"Do stock market liberalizations cause investment booms?","display_name":"Do stock market liberalizations cause investment booms?","publication_year":2000,"publication_date":"2000-01-01","ids":{"openalex":"https://openalex.org/W2016971986","doi":"https://doi.org/10.1016/s0304-405x(00)00073-8","mag":"2016971986"},"language":"en","primary_location":{"id":"doi:10.1016/s0304-405x(00)00073-8","doi":"https://doi.org/10.1016/s0304-405x(00)00073-8","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0304-405x(00)00073-8","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"hybrid","oa_url":"https://doi.org/10.1016/s0304-405x(00)00073-8","any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5003711492","display_name":"Peter Blair Henry","orcid":null,"observed_orcids":[]},"institutions":[{"id":"https://openalex.org/I97018004","display_name":"Stanford University","ror":"https://ror.org/00f54p054","country_code":"US","type":"education","lineage":["https://openalex.org/I97018004"]}],"countries":["US"],"is_corresponding":true,"raw_author_name":"Peter Blair Henry","raw_affiliation_strings":["Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA","Graduate School of Business, Stanford University, Stanford CA, 94305 5015 USA"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Graduate School of Business, Stanford University, Stanford, CA 94305-5015, USA","institution_ids":["https://openalex.org/I97018004"]},{"raw_affiliation_string":"Graduate School of Business, Stanford University, Stanford CA, 94305 5015 USA","institution_ids":["https://openalex.org/I97018004"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5003711492"],"corresponding_institution_ids":["https://openalex.org/I97018004"],"apc_list":{"value":4740,"currency":"USD","value_usd":4740},"apc_paid":{"value":4740,"currency":"USD","value_usd":4740},"fwci":59.2475,"has_fulltext":false,"cited_by_count":864,"citation_normalized_percentile":{"value":0.99857955,"is_in_top_1_percent":true,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":99,"max":100},"biblio":{"volume":"58","issue":"1-2","first_page":"301","last_page":"334"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9628999829292297,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.9628999829292297,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.02410000003874302,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T14317","display_name":"Finance, Markets, and Regulation","score":0.003000000026077032,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-market-liberalization","display_name":"stock market liberalization","score":0.9990000128746033},{"id":"https://openalex.org/keywords/investment-boom","display_name":"investment boom","score":0.9160000085830688},{"id":"https://openalex.org/keywords/capital-account-liberalization","display_name":"capital account liberalization","score":0.9399999976158142},{"id":"https://openalex.org/keywords/developing-countries","display_name":"developing countries","score":0.9300000071525574},{"id":"https://openalex.org/keywords/financial-liberalization","display_name":"financial liberalization","score":0.6179999709129333},{"id":"https://openalex.org/keywords/investment-growth-rate","display_name":"investment growth rate","score":0.3610000014305115}],"concepts":[{"id":"https://openalex.org/C58823610","wikidata":"https://www.wikidata.org/wiki/Q746418","display_name":"Liberalization","level":2,"score":0.7490335702896118},{"id":"https://openalex.org/C141441539","wikidata":"https://www.wikidata.org/wiki/Q1970908","display_name":"Boom","level":2,"score":0.7279091477394104},{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.6827133893966675},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.6521860361099243},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6230167746543884},{"id":"https://openalex.org/C27548731","wikidata":"https://www.wikidata.org/wiki/Q88272","display_name":"Investment (military)","level":3,"score":0.5179997086524963},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5142104625701904},{"id":"https://openalex.org/C18547055","wikidata":"https://www.wikidata.org/wiki/Q47417","display_name":"International economics","level":1,"score":0.39545196294784546},{"id":"https://openalex.org/C34447519","wikidata":"https://www.wikidata.org/wiki/Q179522","display_name":"Market economy","level":1,"score":0.27871763706207275},{"id":"https://openalex.org/C17744445","wikidata":"https://www.wikidata.org/wiki/Q36442","display_name":"Political science","level":0,"score":0.0},{"id":"https://openalex.org/C199539241","wikidata":"https://www.wikidata.org/wiki/Q7748","display_name":"Law","level":1,"score":0.0},{"id":"https://openalex.org/C127413603","wikidata":"https://www.wikidata.org/wiki/Q11023","display_name":"Engineering","level":0,"score":0.0},{"id":"https://openalex.org/C2780762169","wikidata":"https://www.wikidata.org/wiki/Q5905368","display_name":"Horse","level":2,"score":0.0},{"id":"https://openalex.org/C151730666","wikidata":"https://www.wikidata.org/wiki/Q7205","display_name":"Paleontology","level":1,"score":0.0},{"id":"https://openalex.org/C78519656","wikidata":"https://www.wikidata.org/wiki/Q101333","display_name":"Mechanical engineering","level":1,"score":0.0},{"id":"https://openalex.org/C94625758","wikidata":"https://www.wikidata.org/wiki/Q7163","display_name":"Politics","level":2,"score":0.0},{"id":"https://openalex.org/C86803240","wikidata":"https://www.wikidata.org/wiki/Q420","display_name":"Biology","level":0,"score":0.0},{"id":"https://openalex.org/C87717796","wikidata":"https://www.wikidata.org/wiki/Q146326","display_name":"Environmental engineering","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"doi:10.1016/s0304-405x(00)00073-8","doi":"https://doi.org/10.1016/s0304-405x(00)00073-8","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0304-405x(00)00073-8","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"}],"best_oa_location":{"id":"doi:10.1016/s0304-405x(00)00073-8","doi":"https://doi.org/10.1016/s0304-405x(00)00073-8","is_oa":true,"landing_page_url":"https://doi.org/10.1016/s0304-405x(00)00073-8","pdf_url":null,"source":{"id":"https://openalex.org/S149240962","display_name":"Journal of Financial Economics","issn_l":"0304-405X","issn":["0304-405X","1879-2774"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-a-star","anvur-class-a","anvur-scientific","cwts-core","fnege-1-star","ft50","jufo-3","norway-2","poland-200","russia-white-list-1","utd24","vabb-shw"],"host_organization":"https://openalex.org/P4310320990","host_organization_name":"Elsevier BV","host_organization_lineage":["https://openalex.org/P4310320990"],"host_organization_lineage_names":["Elsevier BV"],"type":"journal"},"license":"cc-by-nc-nd","license_id":"https://openalex.org/licenses/cc-by-nc-nd","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Financial Economics","raw_type":"journal-article"},"sustainable_development_goals":[{"display_name":"Decent work and economic growth","score":0.7257999777793884,"id":"https://metadata.un.org/sdg/8"}],"sustainable_development_goals_aurora":[{"display_name":"Partnerships for the goals","score":0.5099999904632568,"id":"https://metadata.un.org/sdg/17"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":50,"referenced_works":["https://openalex.org/W91656327","https://openalex.org/W619953243","https://openalex.org/W1486229584","https://openalex.org/W1501207840","https://openalex.org/W1516379325","https://openalex.org/W1527642757","https://openalex.org/W1555884956","https://openalex.org/W1563876925","https://openalex.org/W1566789041","https://openalex.org/W1586313538","https://openalex.org/W1597277993","https://openalex.org/W1604464039","https://openalex.org/W1887477271","https://openalex.org/W1889792018","https://openalex.org/W2007008857","https://openalex.org/W2042494838","https://openalex.org/W2046499725","https://openalex.org/W2046519558","https://openalex.org/W2050322029","https://openalex.org/W2051992491","https://openalex.org/W2056209331","https://openalex.org/W2062848406","https://openalex.org/W2070631858","https://openalex.org/W2078042761","https://openalex.org/W2088006783","https://openalex.org/W2103838917","https://openalex.org/W2126450706","https://openalex.org/W2139368471","https://openalex.org/W2144131031","https://openalex.org/W2160313008","https://openalex.org/W2798795840","https://openalex.org/W2889907190","https://openalex.org/W2890884722","https://openalex.org/W2892057800","https://openalex.org/W2898909907","https://openalex.org/W3025529092","https://openalex.org/W3121315614","https://openalex.org/W3122267457","https://openalex.org/W3122398539","https://openalex.org/W3122733718","https://openalex.org/W3123981346","https://openalex.org/W3124437711","https://openalex.org/W3124560121","https://openalex.org/W3125787268","https://openalex.org/W3126076235","https://openalex.org/W4235152942","https://openalex.org/W6629938637","https://openalex.org/W6666259225","https://openalex.org/W6677575570","https://openalex.org/W6678833998"],"related_works":["https://openalex.org/W7098537468","https://openalex.org/W3123928615","https://openalex.org/W2954930739","https://openalex.org/W1562864406","https://openalex.org/W2368270294","https://openalex.org/W1533265324","https://openalex.org/W7098274573","https://openalex.org/W7097120611","https://openalex.org/W4230975173","https://openalex.org/W2127368082"],"abstract_inverted_index":{"Stock":[0],"market":[1,69],"liberalizations":[2],"lead":[3],"private":[4,24,60],"investment":[5,25,61],"booms.":[6],"In":[7,36],"a":[8],"sample":[9,73],"of":[10,23,48,52,59],"11":[11,49],"developing":[12],"countries":[13],"that":[14,88],"liberalized":[15],"their":[16,27],"stock":[17,68],"markets,":[18],"9":[19],"experience":[20],"growth":[21,57],"rates":[22],"above":[26],"non-liberalization":[28],"median":[29],"in":[30,62,82],"the":[31,37,63,72],"first":[32],"year":[33],"after":[34,42],"liberalizing.":[35],"second":[38],"and":[39,50],"third":[40],"years":[41,65],"liberalization,":[43],"this":[44],"number":[45],"is":[46],"10":[47],"8":[51],"11,":[53],"respectively.":[54],"The":[55,79],"mean":[56,74],"rate":[58],"three":[64],"immediately":[66],"following":[67],"liberalization":[70,92],"exceeds":[71],"by":[75],"22":[76],"percentage":[77],"points.":[78],"evidence":[80],"stands":[81],"sharp":[83],"contrast":[84],"to":[85],"recent":[86],"work":[87],"suggests":[89],"capital":[90],"account":[91],"has":[93],"no":[94],"effect":[95],"on":[96],"investment.":[97]},"counts_by_year":[{"year":2026,"cited_by_count":13},{"year":2025,"cited_by_count":29},{"year":2024,"cited_by_count":25},{"year":2023,"cited_by_count":53},{"year":2022,"cited_by_count":26},{"year":2021,"cited_by_count":36},{"year":2020,"cited_by_count":31},{"year":2019,"cited_by_count":24},{"year":2018,"cited_by_count":28},{"year":2017,"cited_by_count":26},{"year":2016,"cited_by_count":30},{"year":2015,"cited_by_count":29},{"year":2014,"cited_by_count":30},{"year":2013,"cited_by_count":27},{"year":2012,"cited_by_count":29}],"updated_date":"2026-10-16T09:59:22.235173","created_date":"2016-06-24T00:00:00"}