ADRs, Analysts, and Accuracy: Does Cross Listing in the U.S. Improve a Firm's Information Environment and Increase Market Value?

2002 ◽  
Author(s):  
Mark H. Lang ◽  
Karl V. Lins ◽  
Darius P. Miller
Keyword(s):  
Market Value ◽  
Information Environment ◽  
Cross Listing ◽  
The U.S

Effects of technical innovation on market value of the U.S. semiconductor industry

2010 ◽  
Vol 77 (8) ◽  
pp. 1322-1338 ◽  
Author(s):  
Chen-Chi Lou ◽  
Tsung-Pei Lee ◽  
Shang-Chi Gong ◽  
Shu-Ling Lin
Keyword(s):  
Semiconductor Industry ◽  
Market Value ◽  
Technical Innovation ◽  
The U.S

scholarly journals Relative Governance and the Global Cross-Listing Decision: Extending the Bonding Hypothesis

2017 ◽  
Vol 7 (1) ◽  
pp. 82
Author(s):  
Stephen Paul Ferris ◽  
Min Yu Liao
Keyword(s):  
Host Country ◽  
Home Country ◽  
Private Benefits ◽  
Private Benefits Of Control ◽  
Cross Listing ◽  
Bonding Hypothesis ◽  
Investor Protections ◽  
The U.S ◽  
Better Than

Using a comprehensive set of cross-listings, we extend the bonding hypothesis by developing what we term as the  relative bonding hypothesis. We hypothesize that firms seek the advantages of stronger investor protections by listing in countries whose governance is relatively better than its own. This means that firms can achieve bonding without listing in the U.S and that the governance advantages of bonding are not only for ADRs. We find that firms are more likely to choose a cross-listing destination if the host country has better governance than the home country, except those firms from countries whose managers enjoy greater private benefits of control. We also find that there is valuation premium even when cross-listing occurs  outside of the U.S. The premia are even stronger if the host country has better governance than that of the home country. We conclude that although bonding might explain the existence of ADRs, relative bonding helps to explain the extensive cross-listing which occurs outside of the U.S. 

Cross-listing pursuit of unseasoned foreign firms after going public in the U.S.

2009 ◽  
Vol 62 (8) ◽  
pp. 797-804 ◽  
Author(s):  
Magali Valero ◽  
Hei Wai Lee ◽  
Nianyun (Kelly) Cai
Keyword(s):  
Foreign Firms ◽  
Going Public ◽  
Cross Listing ◽  
The U.S
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