International

Working Paper

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

We construct a firm-level governance index that increases with minority shareholder protection. Compared to U.S. matching firms, only 12.68% of foreign firms have a higher index. The value of foreign firms falls as their index decreases relative...Read more

Reena Aggarwal
Isil Erel
René Stulz
15 December 2019

Does Governance Travel around the World? Evidence from Institutional Investors

We examine whether institutional investors affect corporate governance by analyzing portfolio holdings of institutions in companies from 23 countries during the period 2003-2008. We find that firm-level governance is positively associated with...Read more

Reena Aggarwal
Isil Erel
Miguel Ferreira
Pedro Matos
15 December 2019

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