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Listing Advantages Around the World

Author

Listed:
  • Kenichi Ueda

    (University of Tokyo, TCER, and CEPR)

  • Somnath Sharma

    (University of Tokyo and Reserve Bank of India)

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.

Suggested Citation

  • Kenichi Ueda & Somnath Sharma, 2020. "Listing Advantages Around the World," CARF F-Series CARF-F-488, Center for Advanced Research in Finance, Faculty of Economics, The University of Tokyo.
    • Handle: RePEc:cfi:fseres:cf488
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    Cited by:

    1. Kenichi UEDA & Khaliun Dovchinsuren, 2020. "Allocative Efficiency of Capital across Japanese Firms," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 16(7), pages 1-22, October.

    More about this item

    JEL classification:

    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity

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