國立虎尾科技大學 |

Investor Communication and the Benefits of Cross-Listing.

紀錄類型:	書目-語言資料,手稿 : Monograph/item
正題名/作者:	Investor Communication and the Benefits of Cross-Listing./
作者:	Reiter, Nayana.
面頁冊數:	1 online resource (86 pages)
附註:	Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.
Contained By:	Dissertation Abstracts International79-04A(E).
標題:	Business administration. -
電子資源:	click for full text (PQDT)
ISBN:	9780355366471

Investor Communication and the Benefits of Cross-Listing.
Reiter, Nayana.

Investor Communication and the Benefits of Cross-Listing. - 1 online resource (86 pages)

Source: Dissertation Abstracts International, Volume: 79-04(E), Section: A.

Thesis (Ph.D.)

Includes bibliographical references

A large body of literature finds that cross-listing is associated with capital market benefits. However, evidence also suggests that these benefits are mostly temporary. In this paper, I investigate whether communication with U.S. investors helps non-U.S. firms maintain the capital market benefits of U.S. listings. I find that investor communication mitigates the post cross-listing decline in valuation documented by prior studies. I also find that communication choices explain variation in the valuation, cost of capital and stock liquidity of cross-listed firms in the long run. These results are robust to concerns about potential self-selection bias and are stronger for firms from countries with lower corruption risk and fewer cultural differences from U.S. culture. Lastly, I compare the valuation of cross-listed and non-cross-listed firms. My findings suggest that a significant portion of the cross-listing valuation premium is associated with the investor communication practices of these firms. Firms that cross-list in the U.S. but do not communicate with U.S. investors are not valued at a premium relative to non-cross-listed firms from the same country. Overall, my results are consistent with investor communication being an important condition for firms to maintain the long-run benefits of cross-listing.

Electronic reproduction.
Ann Arbor, Mich. :
ProQuest,
2018

Mode of access: World Wide Web

ISBN: 9780355366471Subjects--Topical Terms:

1148568
Business administration.
Index Terms--Genre/Form:

554714
Electronic books.

Investor Communication and the Benefits of Cross-Listing.
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504 $a Includes bibliographical references
520 $a A large body of literature finds that cross-listing is associated with capital market benefits. However, evidence also suggests that these benefits are mostly temporary. In this paper, I investigate whether communication with U.S. investors helps non-U.S. firms maintain the capital market benefits of U.S. listings. I find that investor communication mitigates the post cross-listing decline in valuation documented by prior studies. I also find that communication choices explain variation in the valuation, cost of capital and stock liquidity of cross-listed firms in the long run. These results are robust to concerns about potential self-selection bias and are stronger for firms from countries with lower corruption risk and fewer cultural differences from U.S. culture. Lastly, I compare the valuation of cross-listed and non-cross-listed firms. My findings suggest that a significant portion of the cross-listing valuation premium is associated with the investor communication practices of these firms. Firms that cross-list in the U.S. but do not communicate with U.S. investors are not valued at a premium relative to non-cross-listed firms from the same country. Overall, my results are consistent with investor communication being an important condition for firms to maintain the long-run benefits of cross-listing.
533 $a Electronic reproduction. $b Ann Arbor, Mich. : $c ProQuest, $d 2018
538 $a Mode of access: World Wide Web
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