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Listing Advantages Around the World

Kenichi Ueda () and Somnath Sharma ()

No CARF-F-488, CARF F-Series from Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo

Abstract: Using the firm-level data of 33 countries over 10 years (2008{2017), we find that the listed firms have lower returns on assets than the similar unlisted firms, in most countries. The result is associated with a higher capital-labor ratio of listed firms, implying that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages (i.e., ROA difference) across the countries. Compared to English origin, German and Scandinavian law countries strongly narrow the listing advantages but the French law origin shows mixed results. Overall, the listing advantages seem narrowed with stronger creditor's rights but show unclear associations with the strength of corporate governance.

Pages: 86
Date: 2020-05
New Economics Papers: this item is included in nep-bec and nep-cfn
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Related works:
Journal Article: Listing advantages around the world (2020) Downloads
Working Paper: Listing Advantages Around the World (2020) Downloads
Chapter: Listing Advantages around the World (2019)
Working Paper: Listing Advantages Around the World (2019) Downloads
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