haku: @indexterm FINANCIAL REGULATION / yhteensä: 40
viite: 8 / 40
| Tekijä: | Reese, W. A. Jr. Weisbach, M. S. |
| Otsikko: | Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings |
| Lehti: | Journal of Financial Economics
2002 : OCT, VOL. 66:1, p. 65-104 |
| Asiasana: | Shareholders Investor protection Financial regulation Stock markets USA |
| Vapaa asiasana: | Equity offerings Cross-listings |
| Kieli: | eng |
| Tiivistelmä: | The authors examine the hypothesis that non-US firms cross-list in the United States to increase protection of their minority shareholders. Cross-listing on the NYSE or Nasdaq subjects to US GAAP. It therefore increases the expected cost to managers of extractingprivate benefits, and commits the firm to protect minority shareholders' interests. There are clear predictions about the relation between subsequent equity issues, shareholder protection, and cross-listings (1) Equity issues increase following all cros-listings, regardless of shareholder protection, (2) The increase should be larger for cross-listings from countries with weak protection, (3) Equity issues following cross-listings in the US will tend to be in the US for firms from countries with strong protection and outside the US for firms from countries with weak protection. Overall, the desire to protect shareholder rights appear to be an important reason why some non-US firms cross-list in the United States. nom |
SCIMA