Working Paper
The Little Market That Could: Facilitating Cross Listing through Unilateral Regulatory Recognition
This chapter advances an in-depth account of the Israeli dual-listing arrangement (“DLA”) project. In the landscape of cross listing in...
Read more
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...
Read more
Investor Choice in Global Securities Markets
This paper, which forms part of the first phase of the New Special Study of the Securities Markets Project, explores how globalization has affected the...
Read more
What Makes the Bonding Stick? A Natural Experiment Testing the Legal Bonding Hypothesis
We use a US Supreme Court case, Morrison v. National Australia Bank (2010), as a natural experiment to test the legal bonding hypothesis. By decreasing...
Read more
U.S. Securities Regulation in a World of Global Exchanges
Recently there has been a dramatic change in the organizational structure of exchanges as they have demutualized and converted into for-profit...
Read more
Private Benefits of Control, Ownership, and the Cross-Listing Decision
This paper investigates how a foreign firm's decision to cross-list on a U.S. stock exchange is related to the consumption of private benefits of control...
Read more
China and the Rise of Law-Proof Insiders
Alibaba, the e-commerce giant that completed a record-setting IPO in the United States in 2014 and was valued at over $700 billion in early 2021, is one of...
Read more
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...
Read more
The Teva Case: A Tale of a Race to the Bottom in Global Securities Regulation
This article tells how a shareholder class action against Teva Pharmaceutical Industries, the largest generic drug maker in the world, ended the...
Read more