A Theoretical Analysis of the Investor Protection Regulations Argument for Global Listing of Stocks PDF Download
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Author: Oren Fuerst
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Global listing of stocks has become a major topic in international capital markets. Many argue that the U.S. investor protection system discourages foreign firms from listing and raising capital in the U.S. However, there has recently been an increase in the number of foreign firms listing their shares in the U.S.This paper analyzes managers' decision as to which international market to cross-list their firms' shares on. It is shown that when markets differ in their regulatory environment, regulatory strictness may enable managers of highly profitable foreign firms to credibly convey their private information regarding their firms' future prospects. Through listing on the market with strict regulatory environment, those managers deliberately accept additional regulatory exposure, related to investor protection. That increased exposure, however, is more than offset by higher stock prices. The general setting of cross-listing is also shown to be applicable for global public offerings. Furthermore, in contrast to the claim that the strict regulatory environment deters firms from listing on that market, it is shown that a large differential between markets with respect to the regulatory strictness may, in fact, increase the number of firms listing on the market with stricter regulations. The implications of the model are consistent with the empirical evidence regarding global cross-listing.
Author: Oren Fuerst
Publisher:
ISBN:
Category :
Languages : en
Pages : 44
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Book Description
Global listing of stocks has become a major topic in international capital markets. Many argue that the U.S. investor protection system discourages foreign firms from listing and raising capital in the U.S. However, there has recently been an increase in the number of foreign firms listing their shares in the U.S.This paper analyzes managers' decision as to which international market to cross-list their firms' shares on. It is shown that when markets differ in their regulatory environment, regulatory strictness may enable managers of highly profitable foreign firms to credibly convey their private information regarding their firms' future prospects. Through listing on the market with strict regulatory environment, those managers deliberately accept additional regulatory exposure, related to investor protection. That increased exposure, however, is more than offset by higher stock prices. The general setting of cross-listing is also shown to be applicable for global public offerings. Furthermore, in contrast to the claim that the strict regulatory environment deters firms from listing on that market, it is shown that a large differential between markets with respect to the regulatory strictness may, in fact, increase the number of firms listing on the market with stricter regulations. The implications of the model are consistent with the empirical evidence regarding global cross-listing.
Author: Oren Fuerst
Publisher:
ISBN:
Category : Foreign trade regulation
Languages : en
Pages : 116
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Book Description
Author: Ross P. Buckley
Publisher: Cambridge University Press
ISBN: 1107100933
Category : Business & Economics
Languages : en
Pages : 485
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Book Description
Taking stock of the 2008 global financial crisis, this book provides 'outside the box' solutions for reforming international financial regulation.
Author: Roberta Romano
Publisher: American Enterprise Institute
ISBN: 9780844741734
Category : Business & Economics
Languages : en
Pages : 316
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Book Description
In this analysis of securities regulation, the author demonstrates that the current approach toward U.S. regulation - exclusive jurisdiction of the Securities and Exchange Commission - is misguided and should be revamped by implementing a regime of competitive federalism. Under such a system firms would select their regulator from among the states, the SEC, or other nations. The author asserts that competitive federalism harnesses the high-powered incentives of markets to the regulatory state to produce regulatory arrangements most compatible with investors' preferences. The author contends that the empirical evidence does not indicate that the SEC is effective in achieving its stated objectives. The commission's expansions of disclosure requirements over the years have not significantly enhanced investors' wealth. In addition, she asserts, evidence from institutional equity and debt markets and cross-country listing practices demonstrates that firms voluntarily disclose substantial information beyond mandatory requirements to provide the information investors demand. The author concludes that under competitive federalism, the aspects of the SEC's regime that are valuable to investors will be retained, those that are not will be discarded, and the resulting securities regime will better meet investors' needs than the present one.
Author: Leonardo Auernheimer
Publisher: University of Chicago Press
ISBN: 0226032159
Category : Business & Economics
Languages : en
Pages : 342
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Book Description
As the globalization of financial markets continues, we urgently need to understand the crises that have plagued these markets and the policies best suited to preventing such crises in the future. In this book, a prominent group of economists and policymakers blend conceptual analysis and policy discussion in seven well-integrated papers, analyzing the nature of capital flows, alternative exchange-rate regimes, and the roles of international financial institutions. After a guided tour by the editor and a historical exploration, some of the world's leading theorists and policy analysts examine the benefits and pitfalls of capital movements and controls. In the second portion, papers examine the recent experiences of Argentina and Mexico, with Charles Calomiris—whose proposals for a new world financial architecture have elicited wide attention—contributing a response. The volume concludes with a roundtable discussion of the report of the International Financial Institutions Advisory Commission, in which the chair of the commission, Allan H. Meltzer, both comments on the report and responds to questions about it. The material presented here will become a standard reference for analysts, policymakers, and the interested general public. Contributors: Leonardo Auernheimer, Matthew Bishop, Michael D. Bordo, Charles Calomiris, Guillermo A. Calvo, Augustin Carstens, Michael P. Dooley, Pablo E. Guidotti, T. Britton Harris, John P. Lipsky, Guillermo Ortiz Martinez, Allan H. Meltzer, Andrew Powell, Rene Stulz, Carl E. Walsh
Author: Liu, Lixian
Publisher: IGI Global
ISBN: 1466650486
Category : Business & Economics
Languages : en
Pages : 380
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Book Description
While many nations are still struggling from the global financial crisis and regaining their financial security, investors are considering alternative options for investing their money; and the secure financial sector is China appears as a viable option. International Cross-Listing of Chinese Firms examines the successful techniques and strategies that Chinese companies are using within their financial practices. It highlights the foreign-based multinational enterprise theories related to the major international stock markets. By providing the latest theories and research, this book will be beneficial for business practitioners, researchers, and managers interested in the relationship between cross-listing and firm valuation of Chinese firms.
Author: H. Kent Baker
Publisher: Oxford University Press
ISBN: 0199754659
Category : Business & Economics
Languages : en
Pages : 701
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Book Description
Understanding the current state of affairs and tools available in the study of international finance is increasingly important as few areas in finance can be divorced completely from international issues. International Finance reflects the new diversity of interest in international finance by bringing together a set of chapters that summarizes and synthesizes developments to date in the many and varied areas that are now viewed as having international content. The book attempts to differentiate between what is known, what is believed, and what is still being debated about international finance. The survey nature of this book involves tradeoffs that inevitably had to be made in the process given the vast footprint that constitutes international finance. No single book can cover everything. This book, however, tries to maintain a balance between the micro and macro aspects of international finance. Although each chapter is self-contained, the chapters form a logical whole that follows a logical sequence. The book is organized into five broad categories of interest: (1) exchange rates and risk management, (2) international financial markets and institutions, (3) international investing, (4) international financial management, and (5) special topics. The chapters cover market integration, financial crisis, and the links between financial markets and development in some detail as they relate to these areas. In each instance, the contributors to this book discuss developments in the field to date and explain the importance of each area to finance as a field of study. Consequently, the strategic focus of the book is both broad and narrow, depending on the reader's needs. The entire book provides a broad picture of the current state of international finance, but a reader with more focused interests will find individual chapters illuminating on specific topics.
Author:
Publisher:
ISBN:
Category : Delegated legislation
Languages : en
Pages : 654
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Book Description
Author: Leora Klapper
Publisher: World Bank Publications
ISBN:
Category :
Languages : en
Pages : 28
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Book Description
The authors study differences in the use of two corporate governance provisions - cumulative voting and proxy by mail voting - in a sample of 224 firms located in four Eastern European countries. The report finds a significant relationship between ownership structure, and the use of corporate governance provisions. Firms with a controlling owner (owning more than 50 percent of shares) are less likely to adopt either of the two provisions. However, firms that have large, minority shareholders are more likely to adopt these provisions. The authors do not find any significant relationship between the use of these provisions, and foreign ownership. The results suggest that the decision to adopt these corporate governance provisions is influenced by large, minority shareholders in their battle for representation in the board, and in managerial decisions.
Author:
Publisher:
ISBN:
Category : Electronic journals
Languages : en
Pages : 916
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Book Description
