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The Diminishing Benefits Of Us Cross Listing
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Book Synopsis The Diminishing Benefits of U.S. Cross-Listing by : Fan He
Download or read book The Diminishing Benefits of U.S. Cross-Listing written by Fan He and published by . This book was released on 2016 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: On March 21, 2007, SEC passed Rule 12h-6 to make it easier for cross-listed firms to deregister from the U.S. market and escape its regulatory costs. Using difference-in-difference tests, we find that, on average, Rule 12h-6's passage induced an increase in voting premium, a decline in equity raising, and a decline in cross-listing premium. These effects are observed for exchange-listed firms, and for firms from countries with weak investor protection. We conclude that while cross-listed firms are still valued at a significant premium over non-cross-listed firms, the rule decreased the value of commitment to the U.S. regulatory system.
Book Synopsis The Benefits Ans Costs of Cross-listing in the United States by : Darius Miller
Download or read book The Benefits Ans Costs of Cross-listing in the United States written by Darius Miller and published by . This book was released on 2009 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis US Cross-listings by : Craig Andrew Doidge
Download or read book US Cross-listings written by Craig Andrew Doidge and published by . This book was released on 2002 with total page 137 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Principles of Corporate Finance Law by : EILAS. FERRAN
Download or read book Principles of Corporate Finance Law written by EILAS. FERRAN and published by Oxford University Press. This book was released on 2023-09-27 with total page 705 pages. Available in PDF, EPUB and Kindle. Book excerpt: Corporate finance theory seeks to understand how incorporated firms address the financial constraints that affect their investment decisions. This is achieved by using varied financial instruments that seek to give holders different claims on the firm's assets. Recent scholarship in this area has highlighted the critical importance of the legal environment in explaining the choices that companies make about their capital structure. This book combines company law, capital markets law, and aspects of commercial and insolvency law to give readers a detailed understanding of the legal and regulatory issues relating to corporate finance. Informed by insights from theoretical and empirical work, the book examines from a legal perspective the key elements of corporate financing structures and capital markets in the UK. The authors' practical experience of transactions and regulatory issues ensures that thorough scholarly inquiry and critical reflection are complemented by an assured understanding of the interface between legal principles and rules as they are documented and in their actual operation. Key developments covered in this third edition include the post-Brexit adaptation of UK company law and capital market regulation, important new cases on parent company liability in tort, creditor-facing duties of directors, issuer and director liability for misleading statements to the market, alternatives to public market financing, and recent changes in the practice of debt finance.
Book Synopsis Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings by : William A. Reese
Download or read book Protection of Minority Shareholder Interests, Cross-listings in the United States, and Subsequent Equity Offerings written by William A. Reese and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the hypothesis that non-U.S. firms cross-list in the United States to increase protection of their minority shareholders. Cross-listing on an organized exchange (NYSE or Nasdaq) in the U.S. subjects a non-U.S. firm to a number of provisions of U.S. securities law and requires the firm to conform to U.S. GAAP. It therefore increases the expected cost to managers of extracting private benefits, and commits the firm to protecting minority shareholders' interests. The expected relation between the quantity of cross-listings and shareholder protection in the home country is ambiguous, because managers will consider both expected private benefits and the public value of their shares. However, there are clear predictions about the relation between subsequent equity issues, shareholder protection and cross-listings: 1) Equity issues increase following all cross-listings, regardless of shareholder protection. 2) The increase should be larger for cross-listings from countries with weak protection. 3) Equity issues following cross-listings in the U.S. will tend to be in the U.S. for firms from countries with strong protection and outside the U.S. for firms from countries with weak protection. We find strong evidence supporting predictions 1) and 3), and weak evidence consistent with hypothesis 2). Overall, the desire to protect shareholder rights appears to be one reason why some non-U.S. firms cross-list in the United States. However, it probably is not an important determinant of the large recent increase in cross-listings, because legal requirements potentially deter a number of firms that do have a demand for equity capital from cross-listing in the U.S.
Book Synopsis Handbook of Research on Stock Market Globalization by : Geoffrey Poitras
Download or read book Handbook of Research on Stock Market Globalization written by Geoffrey Poitras and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 329 pages. Available in PDF, EPUB and Kindle. Book excerpt: The stock market globalization process has produced historic changes in the structure of stock markets, the effects of which are evident throughout the world. Despite these transformations, there are relatively few sources examining the connections between the globalization process currently underway and previous periods of stock market globalization. This seminal volume fills that gap. The chapters in the first section look to previous globalization periods through the lens of the corporate economy, valuing equities and managed funds. Further chapters address current issues such as the social closure of the exchange, demutualization and mergers and acquisitions as well as cross-listing and liquidity. The final chapters consider the regulatory challenges posed by stock market globalization. These include the pressures on regulators from rent-seeking stock market participants, the demise of exchange trading floors and Latin America's stock market. Timely, multi-disciplinary and practical, this informative Handbook will be an essential reference for students and scholars of economics, finance and accounting, finance professionals and security market regulators.
Book Synopsis Alternative Methods of Convergence Toward U.S. Market and Legal Regulations by : Dobrina Georgieva
Download or read book Alternative Methods of Convergence Toward U.S. Market and Legal Regulations written by Dobrina Georgieva and published by . This book was released on 2008 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-U.S. firms have two options to converge toward U.S. capital market and legal regulations - to cross-list in the U.S. or to agree to be acquired by a U.S. bidder. We show that companies that have lower growth opportunities, are more capital intensive, and seek bonding benefits through compliance with U.S. exchange (rather than OTC market) requirements are more likely to be acquired, and that firms from civil law countries tend to cross-list. We document that the adoption of Sarbanes-Oxley Act of 2002 (SOX) led to an increase in the propensity to be acquired for firms from civil law countries, and to a greater rate of cross-listings for capital intensive firms from common law countries and for firms from countries with strong protection of investor rights. We also show that Market-to-Book values of non-U.S. firms following cross-listing in the U.S. tend to be lower when these firms were expected to be acquired. Similarly, both non-U.S. targets and U.S. bidders experience lower abnormal returns in acquisitions involving targets expected to cross-list. Our results imply the existence of optimal convergence choices of non-U.S. firms. In addition, the adoption of SOX appears to have changed some determinants of these choices due to shift in benefits and costs of compliance with U.S. regulations.
Book Synopsis Multinational Finance by : Kirt C. Butler
Download or read book Multinational Finance written by Kirt C. Butler and published by John Wiley & Sons. This book was released on 2012-09-19 with total page 704 pages. Available in PDF, EPUB and Kindle. Book excerpt: This title provides an in-depth treatment of the international financial arena. It assumes the viewpoint of the financial manager of a multinational corporation with investment or financial operations in more than one country.
Author :United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment Publisher : ISBN 13 : Total Pages :168 pages Book Rating :4.3/5 (91 download)
Book Synopsis International Accounting Standards by : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment
Download or read book International Accounting Standards written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs. Subcommittee on Securities, Insurance, and Investment and published by . This book was released on 2010 with total page 168 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Regulation of Banks and Finance by : Carlos A. Peláez
Download or read book Regulation of Banks and Finance written by Carlos A. Peláez and published by Springer. This book was released on 2009-11-18 with total page 287 pages. Available in PDF, EPUB and Kindle. Book excerpt: As the financial crisis engulfs the world economy, there is an ambitous agenda for regulatory reform. This book provides a comprehensive review of the analysis of finance, economics and the law and economics, illuminating past and current banking and financial regulation designed to prevent another credit/dollar crisis and global recession.
Book Synopsis The Quarterly Review of Economics and Finance by :
Download or read book The Quarterly Review of Economics and Finance written by and published by . This book was released on 2010 with total page 1098 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Technological Leapfrogging and Innovation in Africa by : Ethné Swartz
Download or read book Technological Leapfrogging and Innovation in Africa written by Ethné Swartz and published by Edward Elgar Publishing. This book was released on 2023-10-06 with total page 321 pages. Available in PDF, EPUB and Kindle. Book excerpt: Offering invaluable insights into technologically-driven change in Africa, this incisive book envisions myriad positive economic changes brought about by new technologies and innovations. Rooted in original research from contributors who have worked and taught in Africa, it encapsulates developments and breakthroughs throughout the continent.
Book Synopsis Cross-Listings and Liquidity Risk Diversification by : Feng Jiao
Download or read book Cross-Listings and Liquidity Risk Diversification written by Feng Jiao and published by . This book was released on 2015 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recent studies document the diminishing benefits from international diversification, especially for large-cap stocks and in developed markets. This paper evaluates the potential diversification benefits of holding cross-listed stocks from a liquidity risk perspective. By examining the dependence structure between the U.S. market portfolio and cross-listings from 1950 to 2012, this study finds that the average linear correlation, rank correlation, and tail dependence of liquidity innovations are notably lower than those of portfolio returns. Unlike the portfolio returns, there is no evidence of an upward trend in the correlation of liquidity innovations. The subsequent portfolio mimicking test reveals that the liquidity innovations of cross-listings cannot be spanned by U.S. size and industry portfolios. The solution of the portfolio optimization problem under the Mean-Variance-Liquidity framework shows that holding foreign listings in the U.S. can reduce the liquidity risk by up to 40 percent for U.S domestic investors. My findings suggest the benefits of international diversification are especially profound in the dimension of liquidity risk.
Book Synopsis The Dark Side of International Cross-listing by : Michael Melvin
Download or read book The Dark Side of International Cross-listing written by Michael Melvin and published by . This book was released on 2007 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Statutes at Large of the United States from ... by : United States
Download or read book The Statutes at Large of the United States from ... written by United States and published by . This book was released on 1919 with total page 786 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Journal of Economic Perspectives by :
Download or read book The Journal of Economic Perspectives written by and published by . This book was released on 2007 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: This journal attempts to fill a gap between the general-interest press and other academic economics journals. Its articles relate to active lines of economics research, economic analysis of public policy issues, state-of-the-art economic thinking, and directions for future research. It also aims to provide material for classroom use, and to address issues relating to the economics profession.
Author :American Bar Association. House of Delegates Publisher :American Bar Association ISBN 13 :9781590318737 Total Pages :216 pages Book Rating :4.3/5 (187 download)
Book Synopsis Model Rules of Professional Conduct by : American Bar Association. House of Delegates
Download or read book Model Rules of Professional Conduct written by American Bar Association. House of Delegates and published by American Bar Association. This book was released on 2007 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Model Rules of Professional Conduct provides an up-to-date resource for information on legal ethics. Federal, state and local courts in all jurisdictions look to the Rules for guidance in solving lawyer malpractice cases, disciplinary actions, disqualification issues, sanctions questions and much more. In this volume, black-letter Rules of Professional Conduct are followed by numbered Comments that explain each Rule's purpose and provide suggestions for its practical application. The Rules will help you identify proper conduct in a variety of given situations, review those instances where discretionary action is possible, and define the nature of the relationship between you and your clients, colleagues and the courts.
