The US Equity Valuation Premium, Globalization, and Climate Change Risks

Craig Doidge, G. Karolyi () and René Stulz

No 27022, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: In the 2000s, US firms have higher valuations than comparable non-US firms listed only outside the US but not non-US firms cross-listed in the US. Though one would expect this US valuation premium to fall over time because of globalization, it widens for firms in developed markets by 36% and falls for firms in emerging markets by 20% after the global financial crisis of 2007-2008. This evolution is explained in part by the decreased valuation of brown firms in other developed countries relative to the US. Other potential explanations are explored and rejected.

JEL-codes: F21 F65 G10 G15 G34 (search for similar items in EconPapers)
Date: 2020-04
New Economics Papers: this item is included in nep-bec, nep-cfn and nep-mon
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