Home country governance quality and the 'bonding' hypothesis: Evidence from industrialized, emerging-market and less-developed countries

Transformations In Global Governance: Implications for Multinationals and Other Stakeholders

Volumn , Issue , 2006, Pages 264-297

  Vaaler, Paul M ^a   Schrage, Burkhard N ^b  

^a UNIVERSITY OF ILLINOIS AT URBANA CHAMPAIGN   (United States)

^b SINGAPORE MANAGEMENT UNIVERSITY   (Singapore)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 36248987679     PISSN: None     EISSN: None     Source Type: Book    
DOI: 10.4337/9781847203151.00021     Document Type: Chapter

References (50)

1. Bank of New York (2002), Global DR Directory, available from Bank of New York and accessed electronically 1 September 2004 (http://www.adrbny.com/dr_directory.jsp).
2. Benos, Evangelos and Michael S. Weisbach (2004), 'Private benefits and crosslisting in the United States', Emerging Markets Review, 5, 217-40.
3. Biddle, Gary C. and Shahrokh M. Saudagaran (1989), 'The effects of financial disclosure levels on firms' choices among alternative foreign stock exchange listings', Journal of International Financial Management and Accounting, 1, 55-87.
4. Coffee, John C. (2002), 'Racing to the top?: the impact of cross-listings and stock market competition on corporate governance', Columbia Law Review, 102, 1757-831.
5. Coffee, John C. Jr. (1999a), 'The future as history: the prospects for global convergence in corporate governance and its implications', Northwestern University Law Review, 93, 631-707.
6. Coffee, John C. Jr. (1999b), 'Privatization and corporate governance: the lessons from securities market failure', working paper 158, Columbia University Law School.
7. Davis Global Advisors, Inc. (2001), 'Leading Corporate Governance Indicators™ 2001', accessed electronically (http://www.davisglobal.com/) 15 September 2004.
8. Deminor Rating (2003), 'Trends and ratings 2003: corporate governance research and ratings', accessed electronically (http://www.deminor.com/) 15 September 2004.
9. Dieckhaus, Mary Jo (1992), 'Should you list on a foreign exchange?', Chief Executive, 72, accessed electronically (http://newssearch.looksmart.com/p/articles/mi_m4070/is_n74/ai_12087982), 1 September 2004.
10. Doidge, Craig (2004), 'US cross-listings and the private benefits of control: evidence from dual class firms', Journal of Financial Economics, 72, 519-54.
11. Doidge, Craig, Andrew Karolyi and Rene M. Stulz (2004), 'Why are foreign firms listed in the U.S. worth more?', Journal of Financial Economics, 71, 205-38.
12. Dyck, Alexander and Luigi Zingales (2003), 'Private benefits of control: an international comparison', Journal of Finance, 59, 537-600.
13. Edison, Hali J., Michael W. Klein, Lucca A. Ricci and Torsten Sløk (2004), 'Capital account liberalization and economic performance: survey and synthesis', IMF Staff Papers, 51, 220-56.
14. Errunza, Vihang and Darius Miller (2000), 'Market segmentation and the cost of capital in international equity markets', Journal of Financial and Quantitative Analysis, 35, 577-600.
15. Fanto, James A. (1996), 'The absence of cross-cultural communication: SEC mandatory disclosure and foreign corporate governance', Journal of International Law and Business, 17, 119-207.
16. Foerster, Stephen R. and Andrew Karolyi (1999), 'The effects of market segmentation and investor recognition on asset prices: evidence from foreign stocks listing in the United States', Journal of Finance, 54, 981-1013.
17. Globerman, Steven and Daniel Shapiro (2003), 'Governance infrastructure and US foreign direct investment', Journal of International Business Studies, 34, 19-39.
18. Karolyi, G. Andrew (2004), 'The world of cross-listing and cross-listings of the world: challenging conventional wisdom', Fisher College of Business Working Paper (4 August), Fisher College of Business, Ohio State University.
19. Kaufmann, Daniel, Aart Kraay and Pablo Zoido-Lobatón (1999a), 'Governance matters', The World Bank Institute policy research working paper, Washington, DC.
20. Kaufmann, Daniel, Aart Kraay and Pablo Zoido-Lobatón (1999b), 'Aggregating governance indicators', World Bank Institute policy research working paper, Washington, DC.
21. Kaufmann, Daniel, Aart Kraay and Pablo Zoido-Lobatón (2003), 'Governance Indicators: 1996, 1998, 2000, 2002', World Bank Institute policy research working paper and downloadable dataset, Washington, DC.
22. King, Michael R. and Dan Segal (2004), 'International cross-listing and the bonding hypothesis', Bank of Canada working paper 2004-17 (May), Ontario, Canada.
23. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (1997), 'Legal determinants of external finance', Journal of Finance, 52, 1131-50.
24. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (1998), 'Law and finance', Journal of Political Economy, 106, 1113-55.
25. La Porta, Rafael, Florencio Lopez-de-Silanes, Andrei Shleifer and Robert Vishny (2000), 'Investor protection and corporate governance', Journal of Financial Economics, 58, 3-29.
26. Licht, Amir (2000), 'Regulatory arbitrage for real: international securities regulation in a world of interacting securities markets', Virginia Journal of International Law, 38, 563-636.
27. Licht, Amir (2001a), 'David's dilemma: a case study of securities regulation in a small open market', Theoretical Inquiries in Law, 2, 1-37.
28. Licht, Amir (2001b), 'Managerial opportunism and foreign listing: some direct evidence', University of Pennsylvania Journal of International Economic Law, 22, 325-47.
29. Licht, Amir (2003), 'Cross-listing and corporate governance: bonding or avoiding?', Chicago Journal of International Law, 28, 563-638.
30. Merton, Robert (1987), 'A simple model of capital market equilibrium with incomplete information', Journal of Finance, 42, 483-510.
31. Milken Institute (2004), 'Capital Access Index', accessed electronically (http://www.milkeninstitute.org/) 15 September.
32. Mitton, Todd (2002), 'A cross-firm analysis of the impact of corporate governance on the East Asian financial crisis', Journal of Financial Economics, 64, 215-41.
33. Moel, Alberto (2001), 'The role of American depositary receipts in the development of emerging markets', in Laurent L. Jacque and Paul M. Vaaler (eds), Financial Innovations and the Welfare of Nations, Boston, MA: Kluwer Academic Publishers.
34. OECD (1999), 'OECD principles of corporate governance', available from the Organization for Economic Co-operation and Development and accessed electronically (http://www.oecd.org) 15 September 2004.
35. Palmiter, Alan (2002), Securities Regulation: Examples and Explanations, 2nd edn, New York: Aspen Law and Business.
36. Reese, William A. and Michael S. Weisbach (2002), 'Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings', Journal of Financial Economics, 66, 65-104.
37. Rock, Edward (2001), 'Greenhorns, Yankees and cosmopolitans: venture capital, IPOs, Foreign Firms and U.S. markets', Theoretical Inquiries in Law, 2, accessed 1 September 2004, www.bepness.com/til/default/vol2/iss2/.
38. Rodrik, Dani (1999), The New Global Economy and Developing Countries: Making Openness Work, Overseas Development Council, Policy Essay no.24,Washington, DC; Baltimore, MD: Johns Hopkins University Press.
39. Saudagaran, Shahrokh (1988), 'An empirical study of selected factors influencing the decision to list on foreign stock exchanges', Journal of International Business Studies, 19, 101-28.
40. Saudagaran, Shahrokh (1990), 'An investigation of selected factors influencing multiple listing and the choice of foreign stock exchanges', Advances in Financial Planning and Forecasting, 4, 75-122.
41. Saudagaran, Shahrokh and Gary Biddle (1995), 'Foreign listing location: a study of MNCs and stock exchanges in eight countries', Journal of International Business Studies, 26, 319-41.
42. Shleifer, Andrei and Robert Vishny (1997), 'A survey of corporate governance', Journal of Finance, 52, 737-83.
43. Siegel, Jordan (2003), 'Can foreign firms bond themselves effectively by submitting to U.S. laws?', MIT and Harvard Business School working paper.
44. Standard & Poors (2001), Emerging Markets Factbook 2001, New York: McGraw-Hill.
45. Stata Corp (2003), Stata Statistical Software: Release 8.0, College Station, TX: Stata Corporation.
46. Taneda, Kenji (2003), 'Foreign issuers and United States securities regulation', Columbia Business Law Review, 715, Sarbanes-Oxley.
47. United States International Trade Commission (2004), 'USITC Trade Database', accessed electronically 1 September (http://dataweb.usitc.gov/).
48. Wójcik, Dariusz, Gordon L. Clark and Robert Bauer ( 2004), 'Corporate governance and cross-listing: evidence from European companies', working paper, 9 September, Jesus College, Oxford University, England.
49. World Bank (2004a), 'Governance & anti-corruption', accessed electronically 1 September (http://www.worldbank.org/wbi/governance).
50. World Bank (2004b), World Development Indicators, Washington, DC: World Bank.