skip to primary navigationskip to content
 

Finance and Accounting Subject Group Seminar Series - “Geography and Capital: Foreign Listings of U.S. Railroads during the First Era of Financial Globalization” by David Chambers

When Mar 05, 2013
from 12:45 PM to 01:45 PM
Where CJBS, W2.01
Contact Name
Add event to calendar vCal
iCal

“Geography and Capital: Foreign Listings of U.S. Railroads during the First Era of Financial Globalization”

 

David Chambers, Cambridge Judge Business School (Co-authored with Michael Schill and Sergei Sarkissian)

Abstract:
We study motivations for the globalization of capital markets by examining the role of geography in the financing of U.S. railroad investment from 1866 to 1913. The selected industry and period provide a natural experiment to study the first globalization wave due to the relative underdevelopment of contemporary U.S. financial markets, the dramatic change in global communication technology, the enormity of capital investment needs, and the unique geography-specific nature of railroad assets. We observe an intense level of foreign listing activity in the European markets of London, Amsterdam, and Frankfurt on a scale much larger than that studied in more recent work. We find strong cross-regional variation in foreign listing frequency and its effects. In particular, foreign listing activity of U.S. railroads is inversely related to the distance from U.S. capital sources. In addition, while the overall foreign listing activity of U.S. railroads increases with strong U.S. economic performance, foreign debt listings rise during periods of high U.S. default rates. Our evidence therefore suggests that differences in capital constraints have a profound impact on the geographic distribution of foreign listing activity.

« February 2018 »
February
MoTuWeThFrSaSu
1234
567891011
12131415161718
19202122232425
262728

RSS Feed Latest news

Best Student Paper Award 2018 - registration is now open

Feb 02, 2018

For the last ten years, Cambridge Finance is offering its Best Student Paper Award. The award comprises a cash honorarium of £1,000 and a certificate is awarded to the author of the best student paper in finance presented during the 2017-2018 academic year.

View all news

Upcoming events

Cambridge Finance Workshop - William H. Janeway

Feb 22, 2018

Room W4.03, Cambridge Judge Business School

Cambridge Finance Workshop - Marco Bonomo

Mar 08, 2018

KH107(Keynes House), Cambridge Judge Business School, University of Cambridge

Cambridge Finance Workshop - Richard Sloan

May 03, 2018

Room W4.03, Cambridge Judge Business School

Previous events

Upcoming events