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Why Do Us Cross Listings Matter
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Book Synopsis Why Do U.S. Cross-Listings Matter? by : John Ammer
Download or read book Why Do U.S. Cross-Listings Matter? written by John Ammer and published by . This book was released on 2008 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this quot;cross-listing effectquot; and show that increases in U.S. investment are largest in firms from weak accounting backgrounds and in firms that are otherwise informationally opaque, indicating that U.S. investors value the improvements in disclosure associated with cross-listing. We confirm that relative equity valuations rise for cross-listed stocks, and provide evidence suggesting that valuation increases are due in part to increases in U.S. shareholder demand and in part to the fact that the equities become more attractive to non-U.S. shareholders.
Book Synopsis Why Do U.S. Cross-listings Matter? by : John Ammer
Download or read book Why Do U.S. Cross-listings Matter? written by John Ammer and published by . This book was released on 2008 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and show that increases in U.S. investment are largest in firms from weak accounting backgrounds and in firms that are otherwise informationally opaque, indicating that U.S. investors value the improvements in disclosure associated with cross-listing. We confirm that relative equity valuations rise for cross-listed stocks, and provide evidence suggesting that valuation increases are due in part to increases in U.S. shareholder demand and in part to the fact that the equities become more attractive to non-U.S. shareholders.
Book Synopsis Does the Choice of Listing Level Matter? Evidence from Foreign Firms Cross-listing in the United States by : Hicham Hadni
Download or read book Does the Choice of Listing Level Matter? Evidence from Foreign Firms Cross-listing in the United States written by Hicham Hadni and published by . This book was released on 2007 with total page 139 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study makes an important contribution to the economic and finance literature on value analysis of foreign firms cross-listing in the United States. Doidge, Karolyi and Stulz (2003) show that, at the end of 1997, foreign firms with shares cross-listed in U.S. financial markets had Tobin's q ratios significantly higher than those of firms from the same country that were not listed in the United States. I consider in a detailed value analysis the three main levels of American Depositary Receipt (ADR) listings and analyze the impact of upgrading the listing level on firms' values. I extend the work of Doidge, Karolyi and Stulz (2003) to control for listing levels as well as additional country and firm characteristics. I find significant evidence that cross-listing firms experience (i) an average increase in value of 26 percent when they upgrade their listing level from level I to level II, and (ii) an average increase in value of 38 percent when they upgrade their listing level from level II and level III.
Book Synopsis U.S. Cross-Listings and the Private Benefits of Control by : Craig Doidge
Download or read book U.S. Cross-Listings and the Private Benefits of Control written by Craig Doidge and published by . This book was released on 2008 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: Non-U.S. firms that cross-list on U.S. exchanges have voting premiums that are on average 43% lower than other non-U.S. firms that do not cross-list. Using a panel data set comprised of 745 firms that have dual class shares, this paper shows that the difference in voting premiums is statistically significant after controlling for firm and country level characteristics and that this result is robust to alternative benchmarks and methodologies. Further, it finds that the difference in voting premiums is larger for firms from countries that provide poor protection to minority investors. An event study shows that, on average, both the high and low voting share classes benefit when firms announce they will cross-list in the U.S. However, the low voting class benefits by a larger amount, which leads to the decrease in the voting premium. Overall, the evidence supports the bonding hypothesis: cross-listing in the U.S. improves the protection afforded to minority investors and decreases the private benefits of control.
Book Synopsis Where is the Market? Evidence from Cross-Listings in the United States by : Michael Halling
Download or read book Where is the Market? Evidence from Cross-Listings in the United States written by Michael Halling and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyze the location of stock trading for firms with a US cross-listing. The fraction of trading that occurs in the United States tends to be larger for companies from countries that are geographically close to the United States and feature low financial development and poor insider trading protection. For companies based in developed countries, trading volume in the United States is larger if the company is small, volatile, and technology-oriented, while this does not apply to emerging country firms. The domestic turnover rate increases in the cross-listing year and remains higher for firms based in developed markets, but not for emerging market firms. Domestic trading volume actually declines for companies from countries with poor enforcement of insider trading regulation.
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.
Book Synopsis Principles of Financial Regulation by : John Armour
Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016-08-04 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.
Book Synopsis The World of Cross-listings and Cross-listings of the World by : Christopher C. Géczy
Download or read book The World of Cross-listings and Cross-listings of the World written by Christopher C. Géczy and published by . This book was released on 2004 with total page 288 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis How to Know the Birds by : Ted Floyd
Download or read book How to Know the Birds written by Ted Floyd and published by . This book was released on 2019 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: "In this elegant narrative, celebrated naturalist Ted Floyd guides you through a year of becoming a better birder. Choosing 200 top avian species to teach key lessons, Floyd introduces a new, holistic approach to bird watching and shows how to use the tools of the 21st century to appreciate the natural world we inhabit together whether city, country or suburbs." -- From book jacket.
Book Synopsis Three Essays on the Effects of the Exchange Act Rule 12h-6 on Cross-listings of Foreign Firms in the U.S. Market by : Pratanphorn Piriyakul-Frye
Download or read book Three Essays on the Effects of the Exchange Act Rule 12h-6 on Cross-listings of Foreign Firms in the U.S. Market written by Pratanphorn Piriyakul-Frye and published by . This book was released on 2018 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 2007 Exchange Act Rule 12h-6 relaxes the deregistration requirements for the U.S.-listed foreign firms to leave the U.S. market, opening an opportunity to examine the benefit and costs of listing in the U.S market for foreign firms. Using a sample of all U.S.-exchange cross-listing events during 1998-2012, the results document that the U.S. exchanges are more likely to attract a larger pool of foreign listing activities in the post-Rule 12h-6 period. This increased attractiveness of the U.S market, however, is worrisome as the post-Rule 12h-6 listings appear to be more pronounced among firms from countries with weaker investor protection. Likewise, the critical evidence, including a substantial decline in valuation premiums of U.S. cross-listing, and a significant increase in valuation gap between the U.S. domestic and the U.S.-listing foreign firms, raises more concern about the adverse impact of the new rule. Overall, the results suggest that while the rule enhanced the attractiveness of the U.S. market, its unintended consequences such as the weakening disclosure requirements and protection system can provoke a moral hazard issue in the U.S. cross-listing and ultimately may imperil the supremacy of the U.S. capital market.
Book Synopsis Where is the Market? Evidence from Cross-Listings in the U.S. by : Michael Halling
Download or read book Where is the Market? Evidence from Cross-Listings in the U.S. written by Michael Halling and published by . This book was released on 2014 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt: We explore two main questions. First, can two markets for a company's shares coexist and, if so, what determines the distribution of trading volume across them? For firms cross-listed in the U.S. we find that in most cases the U.S. market attracts a significant fraction of total trading volume, and tends to be more active when the company is based in a country that is geographically close, has low financial development and relatively poor anti-insider trading protection. Moreover, the relative size of the U.S. market is larger if the company is small, volatile and high-tech. Second, we ask whether developing an active foreign market entails lower domestic trading activity. We find that for firms based in developed markets, the domestic turnover rate increases in the wake of cross-listing and remains permanently higher. In contrast, emerging market firms tend to experience a decrease in domestic trading activity.
Book Synopsis The Other America by : Michael Harrington
Download or read book The Other America written by Michael Harrington and published by Simon and Schuster. This book was released on 1997-08 with total page 254 pages. Available in PDF, EPUB and Kindle. Book excerpt: Examines the economic underworld of migrant farm workers, the aged, minority groups, and other economically underprivileged groups.
Book Synopsis The Impact of Cross-Listing on the Home Market's Information Environment and Stock Price Efficiency by : Olga Dodd
Download or read book The Impact of Cross-Listing on the Home Market's Information Environment and Stock Price Efficiency written by Olga Dodd and published by . This book was released on 2016 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: An improvement in a firm's information environment is one possible benefit of cross-listing a firm's shares. We empirically examine the changes in the information asymmetry and informational efficiency of prices of cross-listed stocks in their home market around a firm's cross-listing in the US. Using intraday stock trading data we estimate market microstructure measures of information asymmetry, including the effective spread, information asymmetry components of the spread and price impact, and intraday stock return autocorrelation as a measure of price efficiency. Our results suggest that cross-listing in the US is associated with a significant improvement in the quality of the firm's information environment and stock price efficiency in the home market. The improvement in the information environment is stronger for cross-listings that take place after the adoption of the Sarbanes-Oxley Act in the US in 2002. Overall, our results provide broad support for the legal and reputational bonding hypotheses and demonstrate that stricter disclosure associated with a US cross-listing is beneficial.
Book Synopsis Market Microstructure Theory by : Maureen O'Hara
Download or read book Market Microstructure Theory written by Maureen O'Hara and published by John Wiley & Sons. This book was released on 1998-03-06 with total page 310 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by one of the leading authorities in market microstructure research, this book provides a comprehensive guide to the theoretical work in this important area of finance.
Book Synopsis The Market Reaction to Cross-Listings by : Peter Roosenboom
Download or read book The Market Reaction to Cross-Listings written by Peter Roosenboom and published by . This book was released on 2010 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines (i) whether market reactions to cross-listings differ across destination markets and (ii) to what extent the following explanations for value creation around cross-listings can account for differences in market reactions across cross-listings on various destination markets: overcoming market segmentation, increased market liquidity, improved information disclosure, and better investor protection (ldquo;bondingrdquo;). We analyze 526 cross-listings from 44 different countries on 8 major stock exchanges and document significant announcement returns of 1.3% on average for cross-listings on U.S. exchanges, 1.1% on London Stock Exchange, 0.6% on exchanges in continental Europe, and 0.5% (not significant) on Tokyo Stock Exchange. We find evidence consistent with improved disclosure and bonding creating value for cross-listings on U.S. exchanges, while overcoming segmentation and bonding are associated with higher announcement returns on the London Stock Exchange. The evidence is mixed for continental European exchanges and for Tokyo. Our results highlight the role of the destination market in value creation around cross-listings.
Book Synopsis Do Cross-Listings Drive Regulatory Convergence? Evidence from Germany by : Jochen Zimmermann
Download or read book Do Cross-Listings Drive Regulatory Convergence? Evidence from Germany written by Jochen Zimmermann and published by . This book was released on 2006 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt: We analyse the cross listing behavior of German firms on the world's major stock exchanges. We find that only a very small minority of firms with capital market orientation cross list. The U.S. and Switzerland are the most popular locations. Taking into account the type of listing in the U.S., we find no evidence for traditional economic motives of cross listings: Firms do not position themselves to raise funds, to lower their cost of capital by shareholder diversification or to reduce agency costs by opting into a more stringent regulation. The economic motives for convergence of stock market regulation seem thin. Cross listing behavior is therefore unlikely to have an impact on the future shape of the stock exchanges.
Download or read book Behave written by Robert M. Sapolsky and published by Penguin. This book was released on 2018-05-01 with total page 801 pages. Available in PDF, EPUB and Kindle. Book excerpt: New York Times bestseller • Winner of the Los Angeles Times Book Prize • One of the Washington Post's 10 Best Books of the Year “It’s no exaggeration to say that Behave is one of the best nonfiction books I’ve ever read.” —David P. Barash, The Wall Street Journal "It has my vote for science book of the year.” —Parul Sehgal, The New York Times "Immensely readable, often hilarious...Hands-down one of the best books I’ve read in years. I loved it." —Dina Temple-Raston, The Washington Post From the bestselling author of A Primate's Memoir and the forthcoming Determined: A Science of Life Without Free Will comes a landmark, genre-defining examination of human behavior and an answer to the question: Why do we do the things we do? Behave is one of the most dazzling tours d’horizon of the science of human behavior ever attempted. Moving across a range of disciplines, Sapolsky—a neuroscientist and primatologist—uncovers the hidden story of our actions. Undertaking some of our thorniest questions relating to tribalism and xenophobia, hierarchy and competition, and war and peace, Behave is a towering achievement—a majestic synthesis of cutting-edge research and a heroic exploration of why we ultimately do the things we do . . . for good and for ill.
