Reforms in Thai bank governance: The aftermath of the Asian financial crisis |
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Authors: | Shams Pathan Michael Skully J Wickramanayake |
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Institution: | Monash University, Department of Accounting and Finance, P.O. Box 197, Caulfield East, Victoria 3145, Australia |
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Abstract: | This paper provides an empirical analysis of Thailand's bank governance reforms after the 1997 Asian financial crisis and then examines the stock market's response. Unlike the pre-crisis period, we find that the bank sector returns (or return volatilities) have become more Granger causal to the overall stock market in the post-crisis period. Announcements of bank governance reforms are also generally associated with significant change in bank sector returns. This adds to the proposition that improved bank governance is related to improved bank performance as measured by their bank stock returns. |
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Keywords: | G21 G34 C13 C22 |
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