Does Cross-listing in the U.S.A. Engage Earnings Management Differently? PDF Download
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Author: Wan-Jung Hsu
Publisher:
ISBN:
Category :
Languages : en
Pages : 136
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Book Description
Author: Wan-Jung Hsu
Publisher:
ISBN:
Category :
Languages : en
Pages : 136
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Book Description
Author: Gordian A. Ndubizu
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Firms raising new equity capital at cross-listing (IPO) and those cross-listing existing home-country public shares (non-IPO) benefit from earnings that are high when they cross-list on U.S. stock exchanges. IPO firms have greater benefits than non-IPO firms because they receive cash infusion at listing. I find that performance (ROA) and cash flows peak at cross-listing period for all cross-border firms. Using a matched-firm research design to control for industry and performance, the results suggest that both IPO and non-IPO firms time cross-listing when performance is peaking (seize a window of opportunity). Further tests investigate whether IPO or non-IPO firms differ in their incentives to engage in earnings management at the time of cross-listing. The results suggest that both appear to engage in the same level of earnings management at the time of cross-listing. This suggests that incentives to boost earnings to obtain higher cash infusion are not the main motivation for the earnings management observed. Other incentives, such as greater investor recognition could be a stronger motivation.
Author: David Wyn Lewis
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Author: Liu Wang
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 252
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Book Description
Author: Joshua Ronen
Publisher: Springer Science & Business Media
ISBN: 0387257713
Category : Business & Economics
Languages : en
Pages : 587
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Book Description
This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?
Author: John Ammer
Publisher:
ISBN:
Category : Foreign exchange market
Languages : en
Pages : 42
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Book Description
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.
Author: Shahzad Uddin
Publisher: Emerald Group Publishing
ISBN: 0857244515
Category : Business & Economics
Languages : en
Pages : 310
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Book Description
Includes research papers that examines various issues including the adoption of International Financial Reporting Standards (IFRS) and International Public Sector Accounting Standards (IPSASs), management accounting change in the context of public sector reforms, corporate reporting disclosures, auditing, etcetera.
Author: Martien Jan Peter Lubberink
Publisher:
ISBN:
Category :
Languages : en
Pages : 21
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Book Description
This paper examines conditional accounting conservatism (Basu, 1997) of international firms cross-listed on United States stock exchanges. We compare the conservatism of firms that cross-list choosing a US ADR programme offering the possibility to raise equity capital (ADR Level III) to similar firms that choose to not raise capital in US markets (ADR Level II). Our results show that the firms that have the option to raise capital display a higher level of conservatism than the firms that do not have that option. The difference in conservatism is more pronounced for firms from Common Law countries than for Code Law countries. This evidence suggests that firms intending to issue equity capital in order to finance future growth possibilities will provide credible and verifiable earnings information to investors. This puts into question the suggestion of Ball et al. (2005) that the demand for conservative accounting predominantly originates from debt markets.
Author:
Publisher:
ISBN:
Category : Investments, American
Languages : en
Pages : 62
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Book Description
"We use a comprehensive 1997 survey to examine U.S. investors ̐preferences for foreign equities. We document a variety of firm characteristics that can influence U.S. investment, but the most important determinant is whether the stock is cross-listed on a U.S. exchange. Our selection bias-corrected estimates imply that firms that cross-list can increase their U.S. holdings by 8 to 11 percent of their market capitalization, roughly doubling the amount held without cross-listing. All else equal, we find that firms experience smaller increases in U.S. shareholdings upon cross-listing if they are Canadian, from English-speaking countries, are members of the MSCI World index, or had higher quality accounting standards prior to cross-listing. We argue that these findings suggest that improvements in information production explain U.S. investors ̐attraction to foreign stocks that cross-list in the United States"--Federal Reserve Board web site.
Author: David Hay
Publisher: Routledge
ISBN: 1136210350
Category : Business & Economics
Languages : en
Pages : 387
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Book Description
Auditing has been a subject of some controversy, and there have been repeated attempts at reforming its practice globally. This comprehensive companion surveys the state of the discipline, including emerging and cutting-edge trends. It covers the most important and controversial issues, including auditing ethics, auditor independence, social and environmental accounting as well as the future of the field. This handbook is vital reading for legislators, regulators, professionals, commentators, students and researchers involved with auditing and accounting. The collection will also prove an ideal starting place for researchers from other fields looking to break into this vital subject.
