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| Author: | Lang, M. H. Lins, K. V. Miller, D. P. |
| Title: | ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value? |
| Journal: | Journal of Accounting Research
2003 : MAY, VOL. 41:2, p. 317-362 |
| Index terms: | USA COMPANIES INFORMATION ENVIRONMENT ACCOUNTING |
| Language: | eng |
| Abstract: | This paper investigates the relation between cross listing in the United States and the information environment of non-U.S. firms. The authors find that firms that cross list on U.S. exchanges have greater analyst coverage and increased forecast accuracy than firms that are not cross listed. A time-series analysis shows that a change in analyst coverage and forecast accuracy occurs around cross listing. The authors also document that firms that have more analyst coverage and higher forecast accuracy have higher valuations. Furthermore, the change in firm value around cross listing is correlated with changes in analyst following and forecast accuracy, suggesting that cross listing enhances firm value through its effect on the firm's information environment. |
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