NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Differences in Governance Practices between U.S. and Foreign Firms: Measurement, Causes, and Consequences

Reena Aggarwal, Isil Erel, René Stulz, Rohan Williamson

NBER Working Paper No. 13288
Issued in August 2007

---- Acknowledgements -----

We are grateful for comments from Marcus Caylor, Art Durnev, Mara Faccio, Allen Ferrell, Wayne Guay, David Hirshleifer, Jon Karpoff, Christo Karuna, Pedro Matos, Antoinette Schoar, Jérôme Taillard, Marc Weinstein, and Marc Zenner. We thank participants at seminars at Case Western Reserve University, McMaster University, MIT, Northeastern University, Queens University, the University of California at Irvine, the University of Iowa, the University of South Florida, and the University of Southern California, as well as participants at the NYSE/World Bank/University of Virginia Conference on Emerging Markets, the Wharton Conference on Corporate Governance and Globalization, and the 2007 Western Finance Association Meetings. We are grateful to Javier Ayala for research assistance. An earlier version of the paper was circulated under the title, "Do U.S. firms have the best corporate governance? A cross-country examination of the relation between corporate governance and shareholder wealth". The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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