For a foreign"issuer,"the benefits of cross-listing in the United States are extensively documented in the literature. However it is not clear what motivates"investors"to hold American Depositary Receipts (ADRs) rather than the underlying stock of these issuers. The authors address the...

This paper compares the raising of external equity capital from private equity investors via private investments in public equity (PIPEs) and seasoned equity offerings (SEOs) using a sample of 456 PIPEs and 1,910 SEOs drawn from nine Asian countries. Consistent with the idea that insiders...

Bank owner contingent liability has been important in the development of many industrial countries. Unlimited liability on bank owners was an important element in the success of Scottish banking, which led Scotland to be free of the banking and monetary upheavals that occurred in Britain and the...