The Shenzhen Stock Exchange (SZSE) in China is unique worldwide in requiring disclosure of the timing, participants and selected content of private in-house meetings between firm managers and outside investors. We investigate whether these private meetings benefit hosting-firms and their major...

Passage of the Sarbanes-Oxley Act of 2002 followed hard on the collapses of Enron and WorldCom. Waste makes haste. It was legislation drafted in anger. Five years later, and after three official reports, US government agencies and financial market participants worry that the New York may have...

This paper examines whether the increased legal and reputational constraints associated with cross-listing in the U.S. reduces the propensity of insiders to trade on private information. We find that the directors in both domestic and cross-listed firms trade on private information, particularly...

Using a sample of newly initiated American Depository Receipt (ADR) programs over the period 2000 and 2004, this paper examines the effect of Sarbanes-Oxley Act (SOX) on the cross-listing decision and the value consequences of cross-listing by foreign firms. We find that the passage of SOX did...

This paper investigates a little studied but common mechanism that firms use to obtain state favors: business owners themselved seeking election to top office. Using Thailand as a research setting, we find that the more business owners rely on government conccessions or the wealthier they are,...

We examine conditional accounting conservatism (Basu, 1997) of UK firms cross-listed in the US. More specifically, we compare the degree of conservatism for UK cross-listed firms that raise equity capital versus conservatism of companies that do not raise equity capital. We expect that equity...

We model the vulnerability of an economy to a financial crisis as arising from the interaction of the degree of economic specialization and the intermediated financing of the investment opportunities. The probability of a financial crisis is shown to increase in the degree of economic...

The growth in numbers of, and of capital managed by, hedge funds as well as their activities have spurred a debate about regulation of hedge funds worldwide. In Germany, however, the discussion focused on the hedge funds' voting behavior and their investment strategies, which is due to the...

By calculating an estimated measure of undetected insider trading, this paper shows that profits made by informed corporate insiders prior to tender offer announcements increase after the first enforcement of insider trading laws. I analyze the effects of Insider Trading regulation on a sample...

This paper uses a triple difference approach to assess whether the adoption of the Sarbanes-Oxley Act predicts long-term changes in cross-listing premia of affected foreign firms. I measure cross-listing premia as the difference between the Tobin's q of a cross-listed company and a...