Showing 101 - 110 of 220
Using a sample that provides unprecedented detail on foreign listings for 29 exchanges in 24 countries starting from the early 1980s, we show that although firms list in countries with better investor protection, they are less likely to list in countries with excessively stronger investor...
Persistent link: https://www.econbiz.de/10012706438
This paper challenges the widely accepted stylized fact that CEOs in the United States are paid significantly more than their foreign counterparts. Using CEO pay data across 14 countries with mandated pay disclosures, we show that the US pay premium is economically modest and primarily reflects...
Persistent link: https://www.econbiz.de/10012712467
This study focuses on a major global phenomenon: the rise of sovereign wealth funds (SWFs). Using data from 2002 through 2007 that includes SWF holdings in 8,000 firms in 58 countries, we find that firms with higher ownership by SWFs have higher firm valuations and better operating performance....
Persistent link: https://www.econbiz.de/10012713924
Using a sample that provides unprecedented detail on foreign listings, new listings, and delistings for 29 exchanges in 24 countries starting from the early 1980s, we document a growing tendency of listings to concentrate in the U.S. and the U.K., and large changes in all exchanges' ability to...
Persistent link: https://www.econbiz.de/10013077250
During the last two decades, liberalization of capital markets caused an increased responsiveness to world factors. Indeed, as argued in this paper, emerging markets are now behaving like certain developed markets asset classes. This study develops a framework for asset classes comparisons in an...
Persistent link: https://www.econbiz.de/10012740014
During the last two decades, liberalization of capital markets in emerging markets was a common trend. Liberalization caused an increased responsiveness to world factors. Indeed, as argued in this paper, emerging markets are now behaving like certain developed markets' asset classes. This study...
Persistent link: https://www.econbiz.de/10012741497
1. Don’t Rely on Investment Banks for Valuation -- 2. Avoid “Strategic” Deals -- 3. Link the Before and After -- 4.Think Like a Financial Investor -- 5. Move Fast and Communicate Transparently -- 6. Conclusion: Closing the Deal, But at What Price?
Persistent link: https://www.econbiz.de/10012398604
Persistent link: https://www.econbiz.de/10005300100
This paper studies the cross-sectional properties of market liberalizations by decomposing the channels through which financial market liberalization affects firms from segmented markets. Using data on 27emerging markets and 1000 firms, we show that the first ADR issuance in a country produces a...
Persistent link: https://www.econbiz.de/10005311606
We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price...
Persistent link: https://www.econbiz.de/10005376926