Working Paper

08 December 2020

Exporting Pollution: Where Do Multinational Firms Emit CO2?

Despite widespread awareness of the detrimental impact of CO2 pollution on the world climate, countries vary widely in how they design and enforce environmental laws. Using novel microdata about multinational firms’ CO2 emissions...

Itzhak Ben-David | Yeejin Jang | Stefanie Kleimeier | Michael Viehs
01 January 2010

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...

Reena Aggarwal | Isil Erel | Miguel Ferreira | Pedro Matos
01 July 2007

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...

Reena Aggarwal | Isil Erel | René Stulz | Rohan Williamson