Three Essays on ADRs, Analysts, and the Information Environment of Corporations Around the World PDF Download
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Author: Ahmed Marhfor
Publisher:
ISBN:
Category :
Languages : en
Pages : 150
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Author: Ahmed Marhfor
Publisher:
ISBN:
Category :
Languages : en
Pages : 150
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Author: Candice Lynette Deal
Publisher:
ISBN:
Category : Accounting
Languages : en
Pages : 204
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Book Description
This study investigates the impact of changing the listing level of American Depositary Receipts (ADRs) on the information environment of ADRs. Specifically I examine four main listing levels of ADRs and analyze whether ADRs that change (upgrade/downgrade) their listing level have greater/less analyst coverage, increased/decreased forecast accuracy, and increased/decreased forecast dispersion. In addition, since analyst forecast accuracy differs depending on ADRs' home country legal institutions, this study also investigates whether analyst forecast accuracy differs depending on ADRs' home country legal institutions. Specifically, I examine whether the impact on information environment is different for ADRs from countries with different legal systems and disclosure regulations. The SEC has segmented ADRs into four listing levels which have different reporting and regulatory requirements. The SEC and disclosure requirements vary across the four ADR programs. a Level II and Level III are exchange listed ADRs, Level I is traded OTC, and Level IV private placement. ADRs that trade in the U.S. market (exchange listed) have more stringent requirements and must adhere to stronger enforcement of accounting standards. Thus, their regulatory and hence quality of information environment is higher. If ADRs that trade on Level II and Level III must follow a more rigorous regulatory requirement, then do analysts and investors in the U.S. markets adjust the pricing of securities to reflect this difference in ADR listing levels? The sample consists of 448 ADR firms from emerging and developed markets around the world that cross-listed on U.S. markets and eventually changed their listing level between 1999 and 2010. I classify the firms based on their listing level which symbolizes the degree of regulatory adherence. To proxy for the information environment, I examine analyst forecast. I analyze the level of significant difference in forecast accuracy, number of analyst forecast, and forecast dispersion when ADRs change their listing level. I present empirical evidence consistent with the hypotheses that an upgrade (downgrade) of ADR listing level is associated with a decrease (increase) in analysts' forecast error, and number of analyst following. These results indicate that a change in the information environment around U.S. cross-listing is a combination of both the bonding hypothesis effect and the ADR listing level effect. -- Abstract.
Author: George M. Constantinides
Publisher: Newnes
ISBN: 0444535950
Category : Business & Economics
Languages : en
Pages : 859
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Book Description
In the 11 articles in this first of two parts, top scholars summarize and analyze recent scholarship in corporate finance. Covering subjects from corporate taxes to behavioral corporate finance and econometric issues, their articles reveal how specializations resonate with each other and indicate likely directions for future research. By including both established and emerging topics, Volume 2 will have the same long shelf life and high citations that characterize Volume 1 (2003). Presents coherent summaries of major finance fields, marking important advances and revisions Describes the best corporate finance research created about the 2008 financial crises Exposes readers to a wide range of subjects described and analyzed by the best scholars
Author: George M. Constantinides
Publisher: Newnes
ISBN: 0444594655
Category : Business & Economics
Languages : en
Pages : 1732
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Book Description
This two-volume set of 23 articles authoritatively describes recent scholarship in corporate finance and asset pricing. Volume 1 concentrates on corporate finance, encompassing topics such as financial innovation and securitization, dynamic security design, and family firms. Volume 2 focuses on asset pricing with articles on market liquidity, credit derivatives, and asset pricing theory, among others. Both volumes present scholarship about the 2008 financial crisis in contexts that highlight both continuity and divergence in research. For those who seek insightful perspectives and important details, they demonstrate how corporate finance studies have interpreted recent events and incorporated their lessons. Covers core and newly-developing fields Explains how the 2008 financial crises affected theoretical and empirical research Exposes readers to a wide range of subjects described and analyzed by the best scholars
Author:
Publisher:
ISBN:
Category : International finance
Languages : en
Pages : 50
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Author:
Publisher:
ISBN:
Category :
Languages : en
Pages : 974
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Book Description
Author: Reena Aggarwal
Publisher: World Bank Publications
ISBN:
Category : Foreign exchange
Languages : en
Pages : 47
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Book Description
Author: Sabri Boubaker
Publisher: Edward Elgar Publishing
ISBN: 1786432633
Category : Business & Economics
Languages : en
Pages : 681
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Book Description
The severe consequences of the global financial crisis 2008-2009 and numerous accounting frauds and financial scandals over the last fifteen years have let to calls for more ethical and responsible actions in all economic activities including consumption, investing, governance and regulation. Despite the fact that ethics in business and corporate social responsibility rules have been adopted in various countries, more efforts have to be devoted to motivate and empower more actors to integrate ethical behavior and rules in making business and managerial decisions. The Research Handbook of Finance and Sustainability will provide the readers but particularly investors, managers, and policymakers with comprehensive coverage of the issues at the crossroads of finance, ethics and sustainable development as well as proposed solutions, while focusing on three different levels: corporations, investment funds, and financial markets.
Author: Jordan Ian Siegel
Publisher:
ISBN:
Category : Business
Languages : en
Pages : 188
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Book Description
This thesis examines how firms in countries with weak governance institutions access outside (technological and financial) resources and capabilities. The first essay challenges current views regarding the efficacy of renting foreign jurisdictions through cross-listings and shows that reputational mechanisms are more important. The second essay, which follows a group of Korean firms through the sequence of liberalizations and political changes since 1987, provides further evidence that reputational mechanisms are central in obtaining external resources and capabilities. The third essay suggests that Mexican firms selected alternative strategies besides cross-listings before liberalization, and that one of these strategies (forming a cross-border alliance) turned out to be more effective. The timing of liberalization is the key shift variable that determines which Mexican firms cross-listed and which firms instead formed cross-border alliances and/or acquired political connectedness. This thesis also demonstrates the complementarity of investing in domestic influence and the establishment of cross-border strategic alliances.
Author: Rony Pshisva-Goldsmit
Publisher:
ISBN:
Category : American depository receipts
Languages : en
Pages : 176
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Book Description
