We investigate how investor protection (IP) affects target selection when a firm decides to enter a foreign market through an acquisition. A law and finance model shows the acquirer prefers better-performing firms when the target country has weaker IP than its home country. This cherry picking...

This paper attempts to explain the tendency of foreign acquirers to choose better performing firms in emerging markets, which limits underperforming firms' access to foreign capital. Using a simple law and finance model, we offer an explanation based on emerging countries' weaker investor...

This paper provides comprehensive, detailed documentation of major corporate governance reforms (CGRs) undertaken by 26 advanced and emerging economies. Have these reforms impacted corporate investment decisions by altering investor protection (IP)? To answer this question, we estimate the CGRs'...

We observe two waves of overseas programs offered by U.S. universities: A supply driven wave in the late 1980s to the mid 1990s, and a current wave beginning in the early 2000s, with distinctly different players. We compile a comprehensive dataset on overseas degree programs and host country...