This paper documents aggregate trends in the foreign listings of companies, and analyzes their distinctive prelisting characteristics and postlisting performance. In 1986-1997, many European companies listed abroad, mainly on U.S. exchanges, while the number of U.S. companies listed in Europe...

Trading systems differ in their degree of transparency, here defined as the extent to which marketmakers can observe the size and direction of the current order flow. The authors investigate whether greater transparency enhances market liquidity by reducing the opportunities for taking advantage...

type="main" <title type="main">ABSTRACT</title> <p>We present a rational expectations model of optimal executive compensation in a setting where managers are in a position to manipulate short-term stock prices and the manipulation propensity is uncertain. We analyze the tradeoffs involved in conditioning pay on long- versus...</p>