NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Somnath Sharma

University of Tokyo

Institutional Affiliation: University of Tokyo and Reserve Bank of India

NBER Working Papers and Publications

November 2019Listing 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.
 
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