Listing Advantages Around the World

Kenichi Ueda and Somnath Sharma

No 26446, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: Using the firm-level data of 33 countries over 10 years (from 2008-2017), we find that the listed firms, on average, have lower marginal products of capital (measured by return on assets) than the unlisted firms in many countries. This implies that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages across the countries. The listing advantages seem enlarged with better corporate governance and narrowed with stronger creditor's rights.

JEL-codes: E22 G32 (search for similar items in EconPapers)
Date: 2019-11
New Economics Papers: this item is included in nep-cfn and nep-mac
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Published as Kenichi Ueda & Somnath Sharma, 2020. "Listing Advantages Around the World," Journal of the Japanese and International Economies, .
Published as Listing Advantages around the World , Kenichi Ueda, Somnath Sharma. in Financial System, 28th NBER-TCER-CEPR Conference , Fukuda, Ueda, Hoshi, and Allen. 2021

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Journal Article: Listing advantages around the world (2020)
Working Paper: Listing Advantages Around the World (2020)
Working Paper: Listing Advantages Around the World (2020)
Chapter: Listing Advantages around the World (2019)
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