NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Listing Advantages Around the World

Kenichi Ueda, Somnath Sharma

NBER Working Paper No. 26446
Issued in November 2019
NBER Program(s):Corporate Finance, Development Economics, Economic Fluctuations and Growth, International Finance and Macroeconomics

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.

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Document Object Identifier (DOI): 10.3386/w26446

 
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