Capital market reforms do not merely involve deregulatory measures. As noted earlier, poorly developed capital markets in many developing countries have been due not only to policy and institutional restitutions but also to weak market governance. Both ex-ante and ex-post analyses (see Bekaert et al. 2003 Fuchs-Schundeln and Punie; 2004 levine and zervos 1998: Martell and Stulz 2003)