Cross-Border Investments in Private Firms: The Benefits of Comparability for Foreign Investors

The authors gratefully acknowledge valuable comments by Peter Clarkson, Mark Clatworthy, Jeff Coulton, Andrei Filip, Nathan Goldman, Beatriz García Osma, Jesper Haga, Andrew Jackson, Anne Jeny, Philip Joos, Helen Kang, Urška Kosi, Christian Leuz, Gilad Livne, Richard Morris, Jim Naughton (discussant), Wolfgang Schultze, Ann Tarca, Anne Wyatt, and workshop participants at the University of Arkansas, the University of Bristol, ESSEC Business School, North Carolina State University, the UNSW Sydney, the University of Paderborn, the University of Queensland, the University of St.Gallen, Xi’an Jiaotong-Liverpool University, the European Accounting Association Annual Congress in Paphos, the European Institute for Advanced Studies in Management Workshop on Accounting and Regulation, and the Swiss Accounting Research Alpine Camp. The data used in this paper are publicly available from the sources indicated in the text.