The data used in this study for the Asian markets come from two sources. The first is the Pacific Basin
Capital Market Research (PACAP) Databases (available via Wharton Research Data Services) for nine
markets in Asia–Japan, China, Hong Kong, Taiwan, Malaysia, Korea, Singapore, Thailand, and Indonesia.2
Our data sample for a majority of Asian markets starts in 1981, since the PACAP data for most markets
begin in this year. The two exceptions are Indonesia, for which the sample period starts in 1990; and
China, for which the sample period starts in 1994, as only a small number of publicly traded firms exist
before 1994