Listing Advantages Around the World
---- Acknowledgments ----
The views expressed in this paper are those of the authors and should not be attributed to any institutions that the authors have been affiliated with, nor of the National Bureau of Economic Research. This work is supported by the GraSPP Research Grant EGRM-20160 and the CARF at the University of Tokyo. This paper is also conducted as a part of the project “Study on Corporate Finance and Firm Dynamics” undertaken at the Research Institute of Economy, Trade and Industry (RIETI). We are grateful for helpful comments from Yishay Yafeh and participants of the NBER-TCER-CEPR (TRIO) Conference at the University of Tokyo.