Foreign Investment

Foreign Investor Activism in Japan: The First Ten Years

'Lending by Example': Direct and Indirect Effects of Foreign Banks in Emerging Markets

Using a novel dataset that allows us to trace the bank relationships of a sample of mostly unlisted firms, we explore which borrowers are able to benefit from foreign bank presence in emerging markets. Our results suggest that the limits...

Egalitarianism and International Investment

Party Building or Noisy Signaling? The Contours of Political Conformity in Chinese Corporate Governance

We examine responses by Chinese firms to a “party-building” policy launched by the Chinese Communist Party (CCP) in 2015 to reform China’s state-owned enterprises (SOEs). The policy requires SOEs to follow a model template of...

Does It Pay to Go Global in the Boardroom? The Effect of Foreign Directors on Corporate Governance and Performance

We examine the benefits and costs associated with foreign independent directors (FIDs) at U.S. corporations. We find that firms with FIDs make better cross-border acquisitions when the targets are from the home regions of FIDs....

Do Foreigners Invest Less in Poorly Governed Firms?

Cross-Border Venture Capital Investments: What Is the Role of Public Policy?

Cross-border venture capital (VC) investments play an important role in the scaling up of high-growth companies. However, policymakers worry that foreign VC investments transfer the majority of economic activity to the investor...

Mergers, Acquisitions and Restructuring: Types, Regulation, and Patterns of Practice

An important component of corporate governance is the regulation of significant transactions ? mergers, acquisitions, and restructuring. This paper (a chapter in Oxford Handbook on Corporate Law and Governance, forthcoming)...

Split Share Structure Reform, Corporate Governance, and the Foreign Share Discount Puzzle in China

Boosting International Investment: The Role of Expert Assessments of Corporate Governance

Global investors often demand independent assessments of firms’ governance mechanisms. However, the supply of such evaluations is subject to two important limitations: assessment error and lack of coverage in certain regions....

Financial Integration and Firm Performance: Evidence from Foreign Bank Entry in Emerging Markets

While the positive growth effects of financial integration are extensively documented, little is known of its impact on small and young firms. This paper aims to fill this void relying on a panel of 60,000 firm-year observations on...

Sovereign Wealth Funds and Corporate Governance: A Minimalist Response to the New Mercantilism