We identify the impact of local firm concentration on incumbent performance with a quasi natural experiment. When Germany was divided after World War II, many firms in the machine tool industry fled the Soviet occupied zone to prevent expropriation. We show that the regional location decisions...

Global Depository Receipts (GDRs) have become a popular method for emerging markets companies (from India, Brazil, etc.) to access capital markets in more developed countries. However, there have been problems such as illiquidity of GDRs; embedded currency risk; inadequate or inaccurate...