University of Tokyo
Institutional Affiliation: University of Tokyo and Reserve Bank of India
NBER Working Papers and Publications
|November 2019||Listing Advantages Around the World|
with Kenichi Ueda: w26446
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.