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Full-Text Articles in Business Law, Public Responsibility, and Ethics
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
Does The Legal System Affect The Cost Of External Financing? Evidence From Ipo Underpricing Of Foreign Firms Listed In U.S. Stock Markets, Shaokang Wang, Jing Jiang
WCBT Faculty Publications
To study the effect of the legal system on the cost of external financing, we examine the degree of underpricing of the IPOs by foreign companies listed in U.S. We find that firms from highly corrupted countries have larger IPO underpricing. The quality of the home-country public law enforcement reduces the degree of IPO underpricing. In particular, the criminal sanction for violations of securities laws is the most significant factor in reducing underpricing. The evidence shows that even when a non-U.S. firm meets sophisticated U.S. regulations and goes public in a U.S. exchange, the degree of underpricing is still influenced …
A Theory Of Vertical Political Interaction In Cigarette Taxation, Khawaja Mamun
A Theory Of Vertical Political Interaction In Cigarette Taxation, Khawaja Mamun
WCBT Faculty Publications
This paper examines the political interdependence of federal and state cigarette tax rates. We develop a lobby group model where a state’s endogenous reaction to a federal cigarette tax hike depends crucially on the political responses of the cigarette producer and anti-smoking lobby groups.
The Impact Of Terrorism On Business, Michael D. Larobina, Richard L. Pate
The Impact Of Terrorism On Business, Michael D. Larobina, Richard L. Pate
WCBT Faculty Publications
Terrorism has in one form or another been a part of society throughout history. Since the September 11, 2001 attacks in New York, the world community has been more focused on terrorism than ever before in most recent modern history. Terrorism has impacted multiple levels of society across the world community. One of those levels is the business environment. A specific aim of terrorism is to disrupt and destroy ongoing businesses. Therefore, the ability of governments to disrupt and destroy terrorism is essential to the continued growth and expansion of the world economy. Terrorism will directly impact a country's ability …