Working Paper

01 November 2005

Why Does Corporate Governance Affect Firm Value: Evidence on a Self-Dealing Channel from a Natural Experiment in Korea

Prior work in emerging markets provides evidence that better corporate governance predicts higher market value, but very little on the specific channels through which governance increases value. We provide evidence, from a natural...

Bernard Black | Woochan Kim | Hasung Jang | Kyung Suh Park
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