We examine how financial market development affects technological innovation. Using a large data set that includes 32 developed and emerging countries and a fixed effects identification strategy, we identify economic mechanisms through which the development of equity markets and credit markets...

We investigate the effect of stock market liberalization on technological innovation. Using a sample of 20 economies that experience stock market liberalization, we find that these economies exhibit a higher level of innovation output after liberalization, and this effect is disproportionately...

A potential benefit of corporate diversification is internal information sharing among related business units which may mitigate information frictions and improve firm performance. We identify this benefit by examining the effect of diversification on bank valuation across countries with...

A potential benefit of corporate diversification is internal information sharing among related business units which may mitigate information frictions and improve firm performance. We identify this benefit by examining the effect of diversification on bank valuation across countries with...

This paper investigates whether foreign institutional investors affect the global convergence of financial reporting practices. Using several measures of reporting convergence, we show that U.S. institutional ownership is positively associated with subsequent changes in emerging market firms'...