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.

« August 2017 »
August
MoTuWeThFrSaSu
123456
78910111213
14151617181920
21222324252627
28293031

RSS Feed Latest news

Best Student paper Award winners were announced on 16 June 2017

Jun 16, 2017

Winners of the 2016-2017 academic year competition were announced at the End of Term staff and student lunch, Cambridge Judge Business School

View all news

Upcoming events

Cambridge Finance Workshop - Hui Chen (Zurich)

Oct 12, 2017

Room TBA, Cambridge Judge Business School

Cambridge Finance Workshop - Matt Elliott

Oct 26, 2017

Room W4.03, Cambridge Judge Business School

Previous events

Upcoming events