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...
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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...
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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...
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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...
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On the Fortunes of Stock Exchanges and Their Reversals: Evidence from Foreign Listings
Using a sample that provides unprecedented detail on foreign listings for 29 exchanges in 24 countries starting from the early 1980s, we show that...
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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...
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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...
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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...
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