Listing Advantages Around the World
Using the firm-level data of 33 countries over 10 years (from 2008-2017), we find that the listed firms, on average, have lower marginal products of capital (measured by return on assets) than the unlisted firms in many countries. This implies that the listed firms face less financial constraints. Moreover, we investigate the institutional factors that exacerbate or mitigate the listing advantages across the countries. The listing advantages seem enlarged with better corporate governance and narrowed with stronger creditor's rights.
Published Versions
Kenichi Ueda & Somnath Sharma, 2020. "Listing Advantages Around the World," Journal of the Japanese and International Economies, . citation courtesy of 
Listing Advantages around the World, Kenichi Ueda, Somnath Sharma. in Financial System, 28th NBER-TCER-CEPR Conference, Fukuda, Ueda, Hoshi, and Allen. 2021
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