This paper provides evidence on the net effect of country-level adoption and implementation of International Financial Reporting Standards (IFRS). We use firm-years from 18 IFRS-adopting jurisdictions to examine the association between the country-level adoption of IFRS and the overall...

It is claimed that exchange listing of its stock benefits a firm by improving its stock liquidity and access to capital, thereby affecting real decisions and consequent outcome variables. Testing this claim empirically encounters obvious and formidable endogeneity problems. This paper...

On 21 March 2016 the Shanghai Stock Exchange issued its first ever decision to compulsorily delist a company on the ground of seriously breaching the disclosure norms. It is the first case applying the China Securities Regulatory Commission's 2015 delisting regulation and has substantial...

Over the past two decades, the U.S. stock market has been shrinking as the public firm model has begun to fall out of favor. We develop a political economy model of delistings to study the wider economic consequences of this trend. We show that the private and social incentives to delist firms...

Borrowing a measure from ecology, we introduce a spatial dispersion index to quantify the firm traits related to firm geographic location and investigate firm exposure to local home bias and local investor risk tolerance as determinants of corporate market value. Consistent with the investor...