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What's driving cross-listing effects...

Crawford, Steven S.

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What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings./
Author:	Crawford, Steven S.
Description:	91 p.
Notes:	Adviser: Ray Ball.
Contained By:	Dissertation Abstracts International68-08A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3272999
ISBN:	9780549153603

What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings.
Crawford, Steven S.

What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings. - 91 p.

Adviser: Ray Ball.

Thesis (Ph.D.)--The University of Chicago, 2007.

The bonding hypothesis claims that firms can cross list in countries with strong institutions to assure shareholders that managers will not expropriate resources from the firm. However, current research does not examine whether legal institutions and/or market forces lead to this bonding effect. To shed light on the mechanisms that allow firms to bond, I examine the association between country-level institutions and the change in analyst coverage around cross listings. I document that analyst coverage increases after a cross listing in a variety of different host markets, but the increase is highest for firms that list in host markets with strong market forces or strong legal institutions. This suggests that, in addition to traditional legal institutions, market forces can also play a role in bonding cross listed firms.

ISBN: 9780549153603Subjects--Topical Terms:

1020666
Business Administration, Accounting.

What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings.
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245 1 0 $a What's driving cross-listing effects? An analysis of analyst coverage surrounding international cross listings.
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500 $a Source: Dissertation Abstracts International, Volume: 68-08, Section: A, page: 3450.
502 $a Thesis (Ph.D.)--The University of Chicago, 2007.
520 $a The bonding hypothesis claims that firms can cross list in countries with strong institutions to assure shareholders that managers will not expropriate resources from the firm. However, current research does not examine whether legal institutions and/or market forces lead to this bonding effect. To shed light on the mechanisms that allow firms to bond, I examine the association between country-level institutions and the change in analyst coverage around cross listings. I document that analyst coverage increases after a cross listing in a variety of different host markets, but the increase is highest for firms that list in host markets with strong market forces or strong legal institutions. This suggests that, in addition to traditional legal institutions, market forces can also play a role in bonding cross listed firms.
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650 4 $a Physics, Atmospheric Science. $3 1019431
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