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Reforms in Thai bank governance: The aftermath of the Asian financial crisis

Lookup NU author(s): Dr Shams PathanORCiD

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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. © 2006 Elsevier Inc. All rights reserved.

Publication metadata

Author(s): Pathan S, Skully M, Wickramanayake J

Publication type: Article

Publication status: Published

Journal: International Review of Financial Analysis

Year: 2008

Volume: 17

Issue: 2

Pages: 345-362

Online publication date: 09/06/2006

ISSN (print): 1057-5219

ISSN (electronic): 1873-8079

Publisher: Elsevier Inc.

URL: https://doi.org/10.1016/j.irfa.2006.05.002

DOI: 10.1016/j.irfa.2006.05.002

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