The US Equity Valuation Premium, Globalization, and Climate Change Risks

Rene M. Stulz, Craig Doidge and George Andrew Karolyi
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Rene M. Stulz: Ohio State U and ECGI
Craig Doidge: U of Toronto
George Andrew Karolyi: Cornell U

Working Paper Series from Ohio State University, Charles A. Dice Center for Research in Financial Economics

Abstract: In the 2000s, US firms have higher valuations than comparable non-US firms listed only outside the US but not non-US firms cross-listed in the US. Though one would expect this US valuation premium to fall over time because of globalization, it widens for firms in developed markets by 36% and falls for firms in emerging markets by 20% after the global financial crisis of 2007-2008. This evolution is explained in part by the decreased valuation of brown firms in other developed countries relative to the US. Other potential explanations are explored and rejected.

JEL-codes: F21 F65 G10 G15 G34 (search for similar items in EconPapers)
Date: 2023-09
New Economics Papers: this item is included in nep-env, nep-ifn and nep-int
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Persistent link: https://EconPapers.repec.org/RePEc:ecl:ohidic:2023-21

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