haku: @author Doidge, C. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Doidge, C. Karolyi, G. A. Stulz, R. M. |
| Otsikko: | Why are foreign firms listed in the U.S. worth more? |
| Lehti: | Journal of Financial Economics
2004 : FEB, VOL. 71:2, p. 205-238 |
| Asiasana: | Listed companies Shareholders Valuation USA |
| Kieli: | eng |
| Tiivistelmä: | At the end of 1997, foreign companies with shares cross-listed in the U.S. had Tobin's q ratios that were 16,5% higher than the q ratios of non-cross-listed companies from the same country. The valuation difference is statistically significant and reaches 37% for those companies that list on major U.S. exchanges, even after controlling for a number of company and country characteristics. It is suggested in this paper that a U.S. listing reduces the extent to which controlling shareholders can engage in expropriation and thereby increases the company's ability to take advantage of growth opportunities. |
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