Using a 57-year global panel of listings on foreign stock exchanges, we identify waves in foreign listing activity at the host market, home market, and industry levels. We observe that the waves in the host market are often due to cross-listing waves in home markets or industries that share a...

Investment practice and academic literature suggest a great degree of interaction between the world’s stock markets and most liquid and safe assets, such as U.S. Treasuries. Using data from 46 markets and a 30-year time period, we examine the impact of “flight-to-liquidity” events on...

An expanding literature asserts that non-U.S. firms achieve a value premium for listing on U.S. equity markets. In this paper we examine the foreign listing premium across a global sample of home and host markets, including U.S. firms that list on non-U.S. stock exchanges. We find that the value...

This article documents various demographic factors which influence mutual fund turnover including managerial experience, location, education, and gender. On average, funds in financial centers trade more but this excess turnover declines with experience. While most extra trading is concentrated...

The literature has conflicting reports regarding the impact of group decision making on performance. We first observe that in mutual fund studies this results from large discrepancies in reported managerial structures between CRSP and Morningstar databases reaching on average 20% per year. Then...