This paper shows stock exchange trading rules are of central importance for the trading location of cross-listed stocks. We also consider various measures of sovereign governance and shareholder rights across countries to assess the complementary effects of other legal and institutional drivers...

Governance has many dimensions – corporate governance pertains to the firm's management whilst sovereign governance pertains to the firm's exposure to sovereign risk, corruption, and poor regulation. We show that both are important drivers of firm value and this has serious implications for...

We develop a return variance decomposition model to separate the role of different types of information and noise in stock price movements. We disentangle four components: market-wide information, private firm-specific information revealed through trading, firm-specific information revealed...

Governance has many dimensions - corporate governance pertains to the firm's management whilst sovereign governance pertains to the firm's exposure to sovereign risk, corruption, and poor regulation. We show that both are important drivers of firm value and this has serious implications for the...