Working Paper

01 December 2005

A Breakdown of the Valuation Effects of International Cross-Listing

It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore the differential effects of cross-listing...

Arturo Bris | Salvatore Cantale | George Nishiotis
01 October 2006

The Principle of Proportional Ownership, Investor Protection and Firm Value in Western Europe

Previous research initiated by Claessens et al. (2002) has established a value discount of disproportional ownership structures. Due to omitted variables problems it is difficult to provide a causal interpretation of these...

Morten Bennedsen | Kasper Nielsen
01 January 2007

Can Corporate Governance Reforms Increase Firms' Market Values: Evidence from India

A central problem in conducting an event study of the valuation effects of corporate governance reforms is that most reforms affect all firms in a country. Share price changes may reflect the reforms, but could also reflect other...

Bernard Black | Vikramaditya Khanna