We examine whether managers of cross-listed firms improve corporate investment efficiency through learning from the stock market upon cross-listing. Using a sample of UK firms cross-listed on US regulated and unregulated stock markets, we find that cross-listed firms on unregulated markets...

This paper explores whether national culture explains the deviation from the optimal investment, as measured by under- and over-investment compared to the optimal investment level, and the impact of this deviation across cultural dimensions on shareholders’ wealth. Using an international...

This paper explores whether national culture explains the deviation from the optimal investment, as measured by under- and over-investment, and the impact of this deviation across cultural dimensions on shareholders’ wealth. Using an international sample of firms listed in 38 countries, we...

We examine the sensitivity of corporate investment to stock-market valuations (measured by Tobin's q) and internal funds (measured by cash flow) in a setting that captures the unique country institutional characteristics of the Middle East and North Africa (MENA) region. We report a higher...