Mark H. Lang

TL;DR: In this paper, the effect of cross-border regulatory cooperation in the enforcement of securities laws on global mutual fund portfolio allocations is investigated, and the strongest effects are for investors facing greater information asymmetries, those from countries closely linked to the US, and non-US foreign investors, suggesting significant spillover effects from international regulatory cooperation.

TL;DR: In this article, the authors investigate the post-listing experience of companies raising capital on the London Stock Exchange's Alternative Investment Market (AIM) and find that AIM firms significantly underperform firms on regulated exchanges in terms of postlisting returns and failure rates.

TL;DR: In this article, the authors examine the stock market response by German firms to the announcement that capital gains taxes on intercompany holdings would be eliminated, and find a positive association between a firm's abnormal stock returns and the extent of its crossholdings, consistent with taxes acting as a barrier to efficient allocation of ownership and investment.

TL;DR: This paper examined whether textual attributes of firms' regulatory filings reflect CEO characteristics and whether investors consider this relation when assessing firm value, and found that 10-K text for founder-led firms is characterized by "excess" optimism relative to current and future realized earnings and relative to non-founder led firms.