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Author: George Andrew Karolyi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
There has long prevailed a conventional wisdom rationalizing why firms pursue overseas listings. It argues that firms seek such opportunities to benefit from a lower cost of capital that arises because their shares become more accessible to global investors. Much recent evidence challenges this conventional wisdom. In fact, several new research initiatives have been proposed that factor into the overseas listing decision many more complex risks that globalization can create at the firm level, such as agency conflicts, transparency and disclosure concerns, and other corporate governance problems. The goal of this article is to survey, synthesize and critically review this new literature and to identify yet unresolved questions to answer.
Author: George Andrew Karolyi
Publisher:
ISBN:
Category :
Languages : en
Pages :
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Book Description
There has long prevailed a conventional wisdom rationalizing why firms pursue overseas listings. It argues that firms seek such opportunities to benefit from a lower cost of capital that arises because their shares become more accessible to global investors. Much recent evidence challenges this conventional wisdom. In fact, several new research initiatives have been proposed that factor into the overseas listing decision many more complex risks that globalization can create at the firm level, such as agency conflicts, transparency and disclosure concerns, and other corporate governance problems. The goal of this article is to survey, synthesize and critically review this new literature and to identify yet unresolved questions to answer.
Author: Christopher C. Géczy
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 286
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Book Description
Author: G. Andrew Karolyi
Publisher:
ISBN:
Category : Capital market
Languages : en
Pages : 0
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Book Description
Author: Elena Maria Humanes Martin
Publisher:
ISBN:
Category :
Languages : en
Pages : 248
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Book Description
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: Tung Lam Dang
Publisher:
ISBN:
Category :
Languages : en
Pages : 49
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Book Description
In this paper, we investigate the effects of international cross-listings on commonality in liquidity. We find that cross-listings have asymmetric effects on cross-listed stocks' liquidity commonality that include reducing the stocks' liquidity commonality with the local market and increasing the stocks' liquidity commonality with the host market. We also find that the negative impact of cross-listings on home liquidity commonality is more pronounced for stocks from countries with high market segmentation, an opaque information environment, and a poor institutional infrastructure. These results suggest that cross-listings reduce the vulnerability of stocks' liquidity to aggregate liquidity shocks in the local market.
Author: Laura Kalinska
Publisher: GRIN Verlag
ISBN: 9783668214026
Category :
Languages : en
Pages : 32
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Book Description
Bachelor Thesis from the year 2015 in the subject Business economics - Investment and Finance, grade: 96/110, course: Principles of International Finance, language: English, abstract: This thesis project aims to test the hypothesis whether or not there exists enough empirical evidence to prove that companies from developed countries with well-functioning capital markets have seen deteriorating benefits from cross-listing in the United States. We find evidence that support our hypothesis in light of the significant number of European companies terminat-ing their U.S. cross-listings after requirements for deregistering listings from the U.S. became less stringent in the year 2007. The trend also continued with the number of cross-listings by companies from the developed world steadily declining during the subsequent five years. The most cited reasons for cross-listing in the United States, such as greater access to investors, liquidity, a higher valuation and thus a lower cost of capital seems not to hold as strongly anymore. At least not for companies that come from countries where its capital markets have experienced a steady development in corporate governance standards so as to match that of the United States. Evidence point to the fact that the benefits that held for all non U.S. firms still hold strongly only for those companies coming from emerging economies and whose equity market standards are still well below that of stock exchanges in the United States.
Author: Moses Wisdom Chisadza
Publisher: Anchor Academic Publishing (aap_verlag)
ISBN: 3954892219
Category : Social Science
Languages : en
Pages : 117
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Book Description
This book looks at contemporary issues facing financial markets in Southern Africa. It has been established that African stock markets are confronted with a multitude of problems which include inadequate liquidity, low capitalisation, few market participants, a small number of listed companies and low trading volumes. As a result, their broader economic impact has so far been limited. The Southern Africa Development Community (‘SADC’) stock markets, with the exception of South Africa, are small both in terms of the number of listed companies and market capitalisation, and they display considerable illiquidity. In general, the SADC region has shallow and underdeveloped financial markets. Their development has been hampered by a number of factors which include; political and economic uncertainty, fiscal dominance, weak judicial institutions, limited investment opportunities in the private sector, technological constraints, and the shortage of skilled personnel with expertise in banking and finance.
Author: Jochen Zimmermann
Publisher:
ISBN:
Category :
Languages : en
Pages : 15
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Book Description
We analyse the cross listing behavior of German firms on the world's major stock exchanges. We find that only a very small minority of firms with capital market orientation cross list. The U.S. and Switzerland are the most popular locations. Taking into account the type of listing in the U.S., we find no evidence for traditional economic motives of cross listings: Firms do not position themselves to raise funds, to lower their cost of capital by shareholder diversification or to reduce agency costs by opting into a more stringent regulation. The economic motives for convergence of stock market regulation seem thin. Cross listing behavior is therefore unlikely to have an impact on the future shape of the stock exchanges.
Author: Constance Antonia Wegscheider
Publisher:
ISBN:
Category :
Languages : en
Pages : 0
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Book Description
Obwohl das wachsende Interesse an Cross-Listings in der ganzen Welt zu einer langen Debatte unter Akademikern und Praktikern über die Motive für Cross-Listings geführt hat, wurde den Firmen bezogene Motiven bisher wenig Aufmerksamkeit geschenkt. In dieser Studie wird der Frage nachgegangen, ob Faktoren, die die Leistung eines Unternehmens in einem Schwellenland beeinflussen, dessen Entscheidung für ein Cross-Listing auf dem US-Kapitalmarkt beeinflussen. Um die Hypothese zu testen, dass multinationale Unternehmen mit Wachstumschancen in den Vereinigten Staaten ihre Aktien zweitnotieren, wurden Echtzeitdaten von 278 Unternehmen aus verschiedenen Schwellenländern erhoben. Ein logistisches Regressionsmodell ergab, dass diese Unternehmen in den Vereinigten Staaten zweitnotiert sind, um die für ihr Wachstum erforderlichen Investitionsprojekte zu finanzieren. Das Ergebnis zeigt, dass die Theorien der bisherigen Literatur zu den Motiven für Cross-Listing auch nach mehr als einem Jahrzehnt noch gültig sind und dass Lücken in wenig erforschten Bereichen geschlossen werden können.*****Although the growing interest in cross-listings around the world has led to a long debate among academics and practitioners about the motive for cross-listing, little attention has been paid to firm-related motives. The question pursued in this study if factors that direct the performance of an emerging market firm affect their decision to cross-list in the US capital market. To test the hypothesis that multinational enterprises with growth opportunities cross-list in the United States, real-time data were collected from 278 firms across various emerging markets. A logistic regression model revealed that these firms cross-listed in the United States to finance investment projects required for their growth. The outcome shows that the theories of previous literatures regarding the motives for cross-listing are valid after more than a decade and that gaps can be filled in little-researched areas.
