Discussion of ADRs, analysts, and accuracy: Does cross-listing in the United States improve a firm's information environment and increase market value?

Journal of Accounting Research

Volumn 41, Issue 2, 2003, Pages 347-362

  Leuz, Christian ^a  

^a UNIVERSITY OF PENNSYLVANIA   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EID: 0038739078     PISSN: 00218456     EISSN: None     Source Type: Journal    
DOI: 10.1111/1475-679X.00107     Document Type: Review

References (26)

1. BAILEY, W.; G. KAROLYI; AND C. SALVA. "The Economic Consequences of Increased Disclosure: Evidence from International Cross-listings." Working paper, Cornell University, 2002.
2. BALL, R.; S. P. KOTHARI; AND A. ROBIN. "An Extension of the Effect of International Institutional Factors on the Properties of Accounting Earnings." Journal of Accounting Economics 29 (2000): 1-51.
3. BARRON, O.; O. KIM; S. LIM; AND D. STEVENS. "Using Analysts' Forecasts to Measure Properties of Analysts' Information Environment." The Accounting Review 73 (1998): 421-33.
4. BARTH, M.; R. KASNIK; AND M. McNICHOLS. "Analyst Coverage and Intangible Assets." Journal of Accounting Research 39 (2001): 1-34.
5. CLARKSON, P., AND D. SIMUNIC. "The Association Between Audit Quality, Retained Ownership, and Firm-Specific Risk in the U.S. vs. Canadian IPO Markets." Journal of Accounting and Economics 17 (1994): 207-28.
6. COFFEE, J. "The Future as History: The Prospects for Global Convergence in Corporate Governance and Its Implications." Northwestern University Law Review (1999): 641-708.
7. DOIDGE, C.; G. A. KAROLYI; AND R. STULZ. "Why are Foreign Firms Listed in the U.S. Worth More?" Working paper, Ohio State University, 2002.
8. ERRUNZA, V., AND D. MILLER. "Market Segmentation and the Cost of Capital in International Equity Markets." Journal of Financial and Quantitative Analysis 35 (2000): 577-600.
9. FOERSTER, S. R., AND G. A. KAROLYI. "International Listings of Stocks: The Case of Canada and the U.S." Journal of International Business Studies (1993): 763-84.
10. FOERSTER, S. R., AND G. A. KAROLYI. "The Effects of Market Segmentation and Investor Recognition on Asset Prices: Evidence from Foreign Stocks Listing in the U.S." Journal of Finance 54 (1999): 981-1013.
11. FOERSTER, S. R., AND G. A. KAROLYI. "The Long Run Performance of Global Equity Offerings." Journal of Financial and Quantitative Analysis 35 (2000): 499-528.
12. FUERST, O. "A Theoretical Analysis of the Investor Protection Regulations: Argument for Global Listing of Stocks." Working paper, Yale School of Management, 1998.
13. GEBHARDT, W.; C. LEE; AND B. SWAMINATHAN. "Toward an Implied Cost of Capital." Journal of Accounting Research 39 (2001): 135-76.
14. HOWLETT, K. "OSC to Get New Powers." The Globe and Mail (October 11, 2002) : B1.
15. KAROLYI, G. "Why Do Companies List Shares Abroad? A Survey of the Evidence and Its Managerial Implications." Financial Markets, Institutions, and Instruments, Volume 7. Boston: Blackwell, 1998.
16. KIM, O., AND R. VERRECCHIA. "The Relation among Disclosure, Returns, and Trading Volume Information." The Accounting Review 76 (2001): 633-54.
17. LANG, M., AND R. LUNDHOLM. "Corporate Disclosure Policy and Analyst Behavior." The Accounting Review (1996): 467-92.
18. LANG, M.; J. S. RAEDY; AND M. H. YETMAN. "How Representative Are Firms That Are Cross-Listed? An Analysis of Accounting Quality." Journal of Accounting Research 41 (2003): 363-86.
19. LANG, M. H.; K. V. LINS; AND D. P. MILLER. "ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?" Journal of Accounting Research (Supplement 2003).
20. McNISH, J. "The Ontario Securities Commission Has Never Had a Great Reputation." The Globe and Mail (March 29, 2002): 44.
21. MILLER, D. P. "The Market Reaction to International Cross-Listings: Evidence from Depositary Receipts." Journal of Financial Economics 51 (1999): 103-23.
22. NORONHA, G.; A. SARIN; AND S. SAUDAGARAN. "Testing for Micro-Structure Effects of International Dual Listings Using Intraday Data." Journal of Banking and Finance 20 (1996): 965-83.
23. REESE, W., AND M. WEISBACH. "Protection of Minority Shareholder Interests, Cross-Listings in the United States, and Subsequent Equity Offerings." Journal of Financial Economics 66 (2002): 65-104.
24. SIEGEL, J. "Can Foreign Firms Bond Themselves Effectively by Submitting to U.S. Law?" Working paper, MIT, 2001.
25. SKINNER, D. "Why Firms Voluntarily Disclose Bad News." Journal of Accounting Research 32 (1994): 38-61.
26. STULZ, R. "Globalization, Corporate Finance, and the Cost of Capital." Journal of Applied Corporate Finance 26 (1999): 3-28.