This table shows regressions estimated through random effects tobit models for a panel of 77 countries between 1975 and 2000. A constant is estimated but is not reported in the table. For the dependent variable market
intemational finns over market capitalization of all firms, Nigeria and Zimbabwe were excluded from the regressions, and for variable value traded abroad over GDP, Austria was excluded, both due to collinearity problems.
Standard & Poor's (former IFC) Emerging Markets Database for data on market capitalization; Bank of New York for data on value traded abroad; World Development Indicators, World Bank, for GDP, GDP per capita, and in
et a]. (1998) and Pistor et al. (2000) for shareholders rights; Elkins/McSherry Co., Inc. for trading costs; Annual Report on Exchange Arrangements and Exchange Restrictions, IMF for dummy on capital account liberalizatio
Schmukler (2001) for financial liberalization dunimy