US

Working Paper

01 June 2007

Has New York become less competitive in global markets? Evaluating foreign listing choices over time

We study the determinants and consequences of cross-listings on the New York and London stock exchanges from 1990 to 2005. This investigation enables us to evaluate the relative benefits of New York and London exchange listings and to...

Craig Doidge | Andrew Karolyi | René Stulz
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
01 February 2009

Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US

It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both "good" law -- principally corporate and securities law -- and enforcement, yet there has been little...

John Armour | Bernard Black | Brian Cheffins | Richard Nolan
01 February 2009

Private Enforcement of Corporate Law: An Empirical Comparison of the UK and US

It is often assumed that strong securities markets require good legal protection of minority shareholders. This implies both "good" law -- principally corporate and securities law -- and enforcement, yet there has been little...

John Armour | Bernard Black | Brian Cheffins | Richard Nolan

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