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...
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...
01 April 2009
Risk Management in European and American Corporate Law
In recent years, the emphasis in corporate governance has shifted from board composition, independent directors, separating the position of chairperson and CEO, and establishing board committees to “being in control” and risk...
01 March 2009
Is Berle and Means Really a Myth?
Berle and Means famously declared in 1932 that a separation of ownership and control was a hallmark of large U.S. corporations and their characterization of matters quickly became received wisdom. A series of recent papers (Hannah,...
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...
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...
01 November 2007