We thank Yakov Amihud, Ray Ball, Phil Berger (the editor), Gauri Bhat, Mariassunta Giannetti, Wayne Guay, Cam Harvey, Ole-Kristian Hope, Bob Holthausen, Leora Klapper, Rafael La Porta, David Larcker, D. J. Nanda, Felix Oberholzer, Shiva Rajgopal, Tjomme Rusticus, Terry Shevlin, René Stulz, Surjit Tinaikar, Joe Weber, Peter Wysocki, Stephen Young, two anonymous reviewers, and workshop participants at Duke University, Harvard Business School, Rutgers University, Singapore Management University, University of Chicago, University of Washington, the UC Davis Corporate Governance conference, the 2004 European Accounting Association meeting, and the 2004 European Finance Association meeting for helpful comments on earlier drafts. We also thank Bryan Chao, Nick Vedder, and Ian Weiliang for their research assistance. Luzi Hail acknowledges the financial support by the Research Commission of the University of Zurich. Analyst forecast data has been generously provided by I/B/E/S (Thomson Financial). Campbell Harvey, Ole-Kristian Hope, and Leora Klapper have graciously provided supplemental data. The study is one of the recipients of the 2004 Geewax and Terker Company Prizes.
International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?
Article first published online: 27 MAR 2006
Journal of Accounting Research
Volume 44, Issue 3, pages 485–531, June 2006
How to Cite
HAIL, L. and LEUZ, C. (2006), International Differences in the Cost of Equity Capital: Do Legal Institutions and Securities Regulation Matter?. Journal of Accounting Research, 44: 485–531. doi: 10.1111/j.1475-679X.2006.00209.x
- Issue published online: 27 MAR 2006
- Article first published online: 27 MAR 2006
- Received 5 June 2004; accepted 16 November 2005
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