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Equity Ownership and Firm Value in Emerging Markets
This paper investigates whether management stock ownership and large non-management blockholder share ownership are related to firm value across a sample of 1433 firms from 18 emerging markets. WhenExpand
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ADRs, Analysts, and Accuracy: Does Cross Listing in the U.S. Improve a Firm's Information Environment and Increase Market Value?
This paper investigates the relation between cross listing in the United States and the information environment of non-U.S. firms. We find that firms that cross list on U.S. exchanges have greaterExpand
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International Evidence on Cash Holdings and Expected Managerial Agency Problems
This article uses managerial control rights data for over 5000 firms from 31 countries to examine the net costs and benefits of cash holdings. We find that when external country-level shareholderExpand
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Social Capital, Trust, and Firm Performance: The Value of Corporate Social Responsibility during the Financial Crisis
During the 2008-2009 financial crisis, firms with high social capital, measured as corporate social responsibility (CSR) intensity, had stock returns that were four to seven percentage points higherExpand
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Do Foreigners Invest Less in Poorly Governed Firms?
As domestic sources of outside finance are limited in many countries around the world, it is important to understand factors that influence whether foreign investors provide capital to a country'sExpand
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International Evidence on the Value of Corporate Diversification
The valuation effect of diversification is examined for large samples of firms in Germany, Japan, and the United Kingdom for 1992 and 1994. We find no significant diversification discount in Germany,Expand
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Do Analysts Matter Most When Investors are Protected Least
This paper uses a sample of over 2,500 firms from 27 countries to investigate the relation between ownership structure, analyst following, investor protection and valuation. We find that analysts areExpand
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Is Corporate Diversification Beneficial in Emerging Markets
Using a sample of over 1000 firms from seven emerging markets in 1995, we find that diversified firms trade at a discount of approximately 7% compared to single-segment firms. Diversified firms areExpand
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What Drives Corporate Liquidity? An International Survey of Cash Holdings and Lines of Credit
We survey chief financial officers from 29 countries to examine whether and why firms use lines of credit versus non-operational (excess) cash for their corporate liquidity. We find that these twoExpand
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Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints?
The positive market reaction associated with an ADR listing is frequently attributed to a reduction in market segmentation costs that improves access to capital. If so, the benefit should be greatestExpand
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