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...

Transnational regulations, often established by private bodies, play a large and important role in the international political economy. This paper makes two contributions to the literature on transnational regulation. First, governments and international organization often legitimate the...

SEC comment letters indicate that the SEC has reviewed the firm's filings and identified a disclosure issue. Using the existence of an SEC comment letter as a proxy for SEC monitoring, we document a negative association between the level of SEC monitoring of foreign firms and the strength of...

The European single market supported the creation of multinational banking groups. However, the European banking directives and the single license system were built along the model of the stand-alone bank and cannot keep pace with recent market developments. The national character of prudential...

This paper is the first, to our knowledge, to make the distinction between the investment opportunity set of real assets versus portfolio securities. We perform a large scale formal investigation of the investment opportunity set in global acquisitions based on ownership type over the period of...

The COVID-19 pandemic has led to economic and health crises (“twin crises”) worldwide. Using a sample of firms from 74 countries over the period January to August 2020, we examine stock price reactions of multinational corporations (MNCs) and purely domestic companies (DCs) to the crisis. We...

Allowing foreign investors to acquire equity stakes in domestic firms stimulates the real economy by promoting frictionless relationships between buyers and suppliers of intermediate goods. I combine insights from research on financial liberalization and relationship-specific investment to...

Allowing foreign investors to acquire equity stakes in domestic firms stimulates the real economy by promoting frictionless relationships between buyers and suppliers of intermediate goods. I combine insights from research on financial liberalization and relationship-specific investment to...

This paper seeks to explain the transnationalization of financial reporting by corporations. Specifically it considers how the status of International Financial Reporting Standards - constructed and issued by a private organization: the International Accounting Standards Board (IASB) – changed...

We use supervised Latent Dirichlet Allocation (sLDA) to measure differences in the content of the Chinese and English translations of the annual reports of Chinese firms. We find systematic differences in content across languages that are not the mechanical effects of translation and that vary...