Using a 57-year global foreign listing sample, we identify cross-listing waves at the host market, home market, and industry levels. Waves in host markets are often due to cross-listing waves in proximate home markets. Consistent with gravity model implications and economic synergy arguments of...

We examine the motives for and consequences of 5,317 failed and completed cross-border acquisitions constituting $619 billion of total activity that were led by government-controlled acquirers over the period from 1990 to 2008. We benchmark this activity at the aggregate country level and also...

When trading, firms choose between different payment contracts. As shown theoretically in Schmidt-Eisenlohr (Forthcoming), this allows firms in international trade to optimally trade-off differences in financing costs and enforcement across countries. This paper provides evidence from a large...

The study is an attempt to analyse the impact of specific sources of finance on firms' export performance by investigating empirically the SME exporters' preferred mode of financing their various export operations and linking it with their export profitability. Based on the findings it is...

If the creditworthiness of a counterparty is a derivative of a commodity price, there is the potential to have right- or wrong-way exposures in respective commodity transaction. Identifying them is important, because otherwise credit costs might be inadequately calculated and wrong incentives...

There is growing support for taxes on short-term capital inflows in emerging markets, such as the encaje adopted by Chile from 1991-98. Previous empirical assessments of the encaje conclude that it may have generated some small economic benefits, such as shifting the composition of capital...

The willingness of a firm to hedge its activities is difficult to measure. A single indicator for the use of derivatives or even the notional or fair value of its hedging positions have been shown to entail limitations. In this paper, we introduce a new measure based on the number of risks...

Shipping goods internationally is risky and takes time. To allocate risk and to finance the time gap between production and sale, a range of payment contracts is utilized. I study the optimal choice between these payment contracts and their implications for trade. The equilibrium contract is...

Currency collapse, exchange rate misalignment and macroeconomic volatility, are key vices that pose a significant threat to entrepreneurial quality, prosperity and survival. Following to this, and using the philosophies and concepts of the catastrophe theory we show by means of theoretical and...

The capital structure of lending institutions has become an increasingly prominent issue in the world of finance. Contemporaneously, microfinance institutions (MFIs) have risen to the forefront as invaluable lending institutions in the development process. Since capital constraints have hindered...