Look at Me Now: What Attracts U.S. Shareholders?
NBER Working Paper No. 12500
---- Acknowledgements -----
The authors thank Mark Carey, Laura Field, Charles Hadlock, Andrew Karolyi, Christian Leuz, Ross Levine, Michelle Lowry, Darius Miller, Greg Nini, Bent Sorensen, Mark Spiegel, Michael Weisbach, and seminar participants at the 2004 EFA Meetings, 2006 AFA Meetings, Binghamton University (SUNY), College of William and Mary, European Central Bank, Federal Reserve Board, Federal Reserve System SCIEA Meetings, ISCTE Business School, Michigan State University, NYSE, Penn State University, Stockholm Institute for Financial Research, Universidad Catolica Portuguesa, Universidade do Porto, University of Houston, University of Minnesota, and University of Virginia for helpful comments. Nathanael Clinton provided exceptional research assistance. The views expressed in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Board of Governors of the Federal Reserve System or of any other employee of the Federal Reserve System. The statistical analysis of security-level data on U.S. investors’ holdings reported in this study was conducted at the International Finance Division of the Board of Governors of the Federal Reserve System under arrangements that maintained legal confidentiality requirements. Warnock thanks the Darden School Foundation for generous support.