Foreign firms terminate their SEC registration in the aftermath of the Sarbanes-Oxley Act (SOX) because they no longer require outside funds to finance growth opportunities. Deregistering firms' insiders benefit from greater discretion to consume private benefits without having to raise higher...

In March of 2000 the New York Stock Exchange proposed a merger with The Nasdaq Stock Market. Applying a qualitative assessment to the proposed merger from the organizations' perspective it is argued that the merger would be favorable for both organizations. Applying a quantitative assessment to...

This study documents the pervasive effect of IPO restrictions on Chinese equity markets. From 2007-2018, unlisted firms paid an average of $562M USD to listed firms for their shell value in reverse merger transactions. This large “shadow price” for public-listing explains many unusual...

This study provides critical observations on the state of key global equity markets as recent developments have put into question their efficiency and effectiveness in facilitating capital formation. It covers the top 26 initial public offering (IPO) producing nations, with a particular focus on...

This study examines Canada's Capital Pool Company (CPC) program, a regulated blind pool program, since its inception in 1986. We show that the CPC regulations increased the quality of junior equity firms going public, the quality of underwriters taking these firms public, and significantly...

We examine the capital market consequences of a regulatory intervention aimed at generalizing tenure voting in French public companies. The 2014 Florange Act departs from the ‘one share one vote' principle by automatically granting double voting rights (DVR) to shares held for at least two...

We derive and develop a simple and intuitive model that shines fresh light on the relentless debate over whether corporate ownership converges to the Berle-Means modern corporation with high stock ownership dispersion. Our model takes into account the importance of both protective legal...

Using an international sample of IPO firms from 36 countries and a country-level index for societal trust, we find strong evidence that societal trust is negatively associated with the degree of IPO underpricing. In cross-sectional analyses, we find that the effect of societal trust in reducing...

This study examines the relationship between cross-listing and managerial compensation of Chinese firms that concurrently issued A- & B-shares or A- & H-shares during 2001-2010. The results show that executive compensation is a positive factor to motivate Chinese A-share firms to cross-list as...