Essay about Agency Problem

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Emerging Markets Review 13 (2012) 516–547 Contents lists available at SciVerse ScienceDirect Emerging Markets Review journal homepage: www.elsevier.com/locate/emr Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis☆ G. Andrew Karolyi ⁎ Johnson Graduate School of Management, Cornell University, 348 Sage Hall, Ithaca, NY 14853, USA a r t i c l e i n f o Article history: Received 30 June 2011 Received in revised form 6 August 2012 Accepted 7 August 2012 Available online 17 August 2012 JEL classification: F30 G15 G32 G38 Keywords: Cross-listing Stocks Bonding International financial markets a b s t r a c t Why firms from around the world seek to…show more content…
Very helpful additional comments from Stijn Claessens, Junjie Cui (Shanghai Stock Exchange), Thierry Foucault, Andy Kyzyk (OTC Markets Group), Mike Lemmon, Amir Licht, Darius Miller, Paolo Pasquariello, Kate Phylaktis, Samantha Ross (PCAOB), Hal Scott, Sergio Schmukler, Roger Silvers, Laura Starks, Wilson Tong, Bernard Yeung and participants at the Singapore International Conference on Finance also improved the paper. ⁎ Tel.: +1 607 255 2153. E-mail address: gak56@cornell.edu. 1566-0141/$ – see front matter © 2012 Elsevier B.V. All rights reserved. http://dx.doi.org/10.1016/j.ememar.2012.08.001 G.A. Karolyi / Emerging Markets Review 13 (2012) 516–547 517 can often impose different transparency, disclosure and governance-related requirements depending on the type of market being targeted. It is always a major decision for a firm, it has many layers and it involves a collective effort of a large number of capital market participants in support, such as investment banks, depositary banks, custodial agents for coordination of clearance and settlement systems, accountants, lawyers and other strategic advisors to facilitate its launch. For example, thousands of firms from around the world

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