Can a stock exchange improve corporate behavior? Evidence from firms' migration to premium listings in Brazil

Journal of Corporate Finance

Volumn 18, Issue 4, 2012, Pages 883-903

  de Carvalho, Antonio Gledson ^a   Pennacchi, George G ^b  

^a FUNDAÇÃO GETÚLIO VARGAS   (Brazil)

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

Author keywords

Bonding; Cross listings; Premium listings

Indexed keywords

EID: 84864296074     PISSN: 09291199     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jcorpfin.2011.01.003     Document Type: Article

References (44)

1. Amihud Y., Mendelson H. Asset pricing and the bid-ask spread. J. Financ. Econ. 1986, 17:223-249.
2. Bebchuk L., Roe M. A theory of path dependence in corporate ownership and governance. Stanford Law Rev. 1999, 52:127-170.
3. Bekaert G., Harvey C., Lundblad C. Liquidity and expected returns: lessons from emerging markets. Rev. Financ. Stud. 2007, 20:1783-1832.
4. Benos E., Weisbach M. Private benefits and cross-listings in the united states. Emerg. Mark. Rev. 2004, 5:217-240.
5. Bottazzi L., Da Rin M. Europe's 'new' stock markets. Innocenzo Gasparini Institute for Economic Research Working Paper 2002.
6. Burghof H.-P., Hunger A. The neuer markt: an (overly) risky asset of Germany's financial system. Adv. Financ. Econ. 2004, 10:295-324.
7. Campbell J., Lo A., MacKinlay A.C. The Econometrics of Financial Markets 1997, Princeton University Press, Princeton.
8. Claessens S., Schmukler S. International financial integration through equity markets: which firms from which countries go global?. J. Int. Money Financ. 2007, 26:788-813.
9. Coffee J. The future as history: the prospects for global convergence in corporate governance and its implications. Northwestern University Law Rev. 1999, 93:641-708.
10. Coffee J. Racing towards the top? The impact of cross-listings and stock market competition on international corporate governance. Columbia Law Rev. 2002, 102:1757-1831.
11. Doidge C. U.S. cross-listings and the private benefits of control: evidence from dual-class firms. J. Financ. Econ 2004, 72:519-553.
12. Doidge C., Karolyi A., Stulz R. Why are foreign firms that are listed in the U.S. worth more?. J. Financ. Econ 2004, 71:205-238.
13. Doidge C., Karolyi A., Stulz R. Has New York become less competitive than London in global markets? Evaluating foreign listing choices over time. J. Financ. Econ. 2009, 91:253-287.
14. Dyck A., Zingales L. Private benefits of control: an international comparison. J. Financ. 2004, 59:537-600.
15. Ferreira M., Laux P. Corporate governance, idiosyncratic risk, and information flow. J. Financ. 2007, 62:951-989.
16. Gleaser E., Johnson S., Shleifer A. Coase versus the Coasians. Q. J. Econ. 2001, 108:853-899.
17. Gleason K., Madura J., Subrahmanyam V. Stock exchange governance initiatives: evidence from the Italian STARs. J. Bank. Financ. 2007, 31:141-159.
18. Halling M., Pagano M., Randl O., Zechner J. Where is the market? Evidence from cross-listings in the U.S. Rev. Financ. Stud. 2008, 21:725-761.
19. Harvey C., Lins K., Roper A. The effect of capital structure when expected agency costs are extreme. J. Financ. Econ. 2004, 74:3-30.
20. Huddart S., Hughes J., Brunnermeier M. Disclosure requirements and stock exchange listing choice in an international context. J. Acc. Econ. 1999, 26:237-269.
21. 2 around the world: new theory and new tests. J. Financ. Econ. 2006, 79:257-292.
22. Karolyi A. Why do companies list shares abroad? A survey of the evidence and its managerial implications. Financ. Mark. Inst. Instrum. 1998, 7:1-60.
23. Karolyi A. The world of cross-listings and cross-listings of the world: challenging conventional wisdom. Rev. Financ. 2006, 10:73-115.
24. La Porta R., Lopez-de-Silanes F., Shleifer A., Vishny R. Legal determinants of external finance. J. Financ. 1997, 52:1131-1150.
25. La Porta R., Lopez-de-Silanes F., Shleifer A. What works in securities laws?. J. Financ. 2006, 61:1-32.
26. Leal R., Carvalhal-da-Silva A. Corporate governance and value in Brazil (and Chile). Investor Protection and Corporate Governance: Firm Level Evidence across Latin America 2007, 213-287. Stanford University Press. A. Chong, F. López-de-Silanes (Eds.).
27. Lel U., Miller D. International cross-listing, firm performance, and top management turnover: a test of the bonding hypothesis. J. Financ. 2008, 63:1897-1937.
28. Leuz C. Cross listing, bonding and firms' reporting incentives: a discussion of Lang, Raedy and Wilson. J. Acc. Econ. 2006, 42:285-299.
29. Levine R., Zervos S. Stock markets, banks, and economic growth. Am. Econ. Rev. 1998, 88:537-558.
30. Licht A. Cross-listing and corporate governance: bonding or avoiding. Chicago J. Int. Law 2003, 4:122-141.
31. Macey J.R., O'Hara M. The economics of stock exchange listing fees and listing requirements. J. Financ. Intermed. 2002, 11:297-319.
32. Miller D.P. The market reaction to international cross-listings: evidence from depository receipts. J. Financ. Econ. 1999, 51:103-123.
33. Morck R., Yeung B., Yu W. The information content of stock markets: why do emerging markets have synchronous stock price movements?. J. Financ. Econ. 2000, 58:215-260.
34. Nenova T. The value of corporate voting rights and control: a cross-country analysis. J. Financ. Econ. 2003, 68:325-351.
35. Nenova T. Control values and changes in corporate law in Brazil. Latin Am. Bus. Rev. 2005, 6(3):1-37.
36. Östberg P. Disclosure, investment and regulation. J. Financ. Intermed. 2006, 15:285-306.
37. Pagano M., Röell A., Zechner J. The geography of equity listing: why do companies list abroad?. J. Financ. 2002, 52:2651-2694.
38. Reese W.A., Weisbach M. Protection of minority shareholder interests, cross-listings in the united states, and subsequent equity offerings. J. Financ. Econ. 2002, 6:65-104.
39. Ribstein L. Cross-listing and regulatory competition. Rev. Law Econ. 2005, 1:97-148.
40. Shleifer A., Wolfenzon D. Investor protection and equity markets. J. Financ. Econ. 2002, 66:3-27.
41. Siegel J. Can foreign firms bond themselves effectively by submitting to U.S. law?. J. Financ. Econ. 2005, 75(2):319-360.
42. Stulz R. Globalization of equity markets and the cost of capital. J. Appl. Corp. Financ. 1999, 12:8-25.
43. Tkac P. A trading volume benchmark: theory and evidence. J. Financ. Quant. Anal. 1999, 34:89-114.
44. Wurgler J. Financial markets and the allocation of capital. J. Financ. Econ. 2000, 58:187-214.