Shidler Seminar Series: FEI Guest Speaker Ben R. Marshall, MSA Charitable Trust Professor in Finance, Massey University


Country Governance and International Equity Returns

Ben R. Marshall
MSA Charitable Trust Professor in Finance, Massey University

  • Date: Friday, September 16, 2016
  • Time: 3:00–4:30 p.m.
  • Location: BusAd D-204


Monthly equity returns in countries with strong governance lead monthly equity returns in countries with weak governance. This predictability is robust to alternative ways of measuring country governance, and holds in and out of sample at both the individual country and group level. It is not driven by country size, liquidity, stock market development, short selling constraints, or microstructure biases. Rather, information is reflected in weak governance country equity returns with a delay due to gradual information diffusion, which predominately occurs through the cash-flow channel.

Speaker’s Bio

Ben Marshall’s research has been discussed in Barron's, The CFA Digest,, The Technical Analyst, Macquarie Bank Quant Fat Tails Publication, Buckingham Asset Management In Focus publication,, The Sydney Morning Herald, The National Business Review, In Context, The NZ Herald, The Manawatu Evening Standard, North Shore Times, Gisborne Herald, Massey News, @Massey Business Quarterly, and over 30 popular investing blogs. He is currently ranked in the top 1% of authors on the working paper website SSRN based on downloads of his papers.