US

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...

Comparing CEO Employment Contract Provisions: Differences between Australia and the U.S.

This study compares CEO employment contracts across two common law countries: the United States and Australia. Although the regulatory regimes of...

Free-Riders and Underdogs: Participation in Corporate Voting

Voting outcomes can differ from underlying preferences due to strategic selection into voting. One explanation for such selection effects is lower...

The Divergent Designs of Mandatory Takeovers in Asia

Optimal takeover regulation aims to promote efficient changes of corporate control while curbing inefficient takeovers. Viewed from a comparative...

Cost of Capital Effects and Changes in Growth Expectations around U.S. Cross-Listings

Why do foreign firms have less idiosyncratic risk than U.S. firms?

The U.S. Listing Gap

The U.S. had 14% fewer exchange-listed firms in 2012 than in 1975. Relative to other countries, the U.S. now has abnormally few listed firms given its...

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...

Why Do Firms Go Dark? Causes and Economic Consequences of Voluntary SEC Deregistrations

Regulatory Dualism as a Development Strategy: Corporate Reform in Brazil, the U.S., and the EU

Countries pursuing economic development confront a fundamental obstacle. Reforms that increase the size of the overall pie are blocked by powerful...

Will Nasdaq's Diversity Rules Harm Investors?

In December 2020, Nasdaq asked the Securities and Exchange Commission to approve new diversity rules. The aim is for most Nasdaq-listed firms to...