MARC Record from Library of Congress

LEADER: 01982nam a22002777a 4500
001 2009656100
003 DLC
005 20090618082548.0
007 cr |||||||||||
008 090618s2008 dcu sb f000 0 eng
010 $a 2009656100
040 $aDLC$cDLC
050 00 $aHG3879
245 00 $aWhy do u.s. cross-listings matter?$h[electronic resource] /$cJohn Ammer ... [et al.].
260 $aWashington, D.C. :$bFederal Reserve Board,$c[2008]
490 1 $aInternational finance discussion papers ;$vno. 930
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 6/18/2009.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and show that increases in U.S. investment are largest in firms from weak accounting backgrounds and in firms that are otherwise informationally opaque, indicating that U.S. investors value the improvements in disclosure associated with cross-listing. We confirm that relative equity valuations rise for cross-listed stocks, and provide evidence suggesting that valuation increases are due in part to increases in U.S. shareholder demand and in part to the fact that the equities become more attractive to non-U.S. shareholders"--Federal Reserve Board web site.
653 $aHome bias;$aportfolio choice;$afinancial disclosure;$acorporate governance
700 1 $aAmmer, John.
830 0 $aInternational finance discussion papers (Online) ;$vno. 930.
856 40 $uhttp://www.federalreserve.gov/pubs/ifdp/2008/930/default.htm