In the spirit of the Bonding Hypothesis proposed by Stulz (1999) and Coffee (1999, 2002), I find that foreign firms that cross-list in the U.S. and undertake IPOs are more likely to employ reputable underwriters if the firms come from countries with poor shareholder protection. The additional...

We put forward a novel methodological approach to estimate the effect of separation of ownership and control by dominant shareholders on firm value. The approach offers three major innovations. First, it uses the Shapley Value (SV) of the voting rights of the dominant shareholder rather than the...