메뉴 건너뛰기




Volumn 31, Issue 4, 2007, Pages 1003-1031

Cross-listing and legal bonding: Evidence from mergers and acquisitions

Author keywords

Analyst coverage; Bonding; Cross listing; Mergers and acquisitions

Indexed keywords


EID: 33947495092     PISSN: 03784266     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jbankfin.2006.10.001     Document Type: Article
Times cited : (49)

References (50)
  • 1
    • 84937315308 scopus 로고
    • Largeshareholder activism, risk sharing, and financial market equilibrium
    • Admati A., Pfleiderer P., and Zechner J. Largeshareholder activism, risk sharing, and financial market equilibrium. Journal of Political Economy 102 (1994) 1097-1130
    • (1994) Journal of Political Economy , vol.102 , pp. 1097-1130
    • Admati, A.1    Pfleiderer, P.2    Zechner, J.3
  • 2
    • 33947502334 scopus 로고    scopus 로고
    • Ahearne, A., Griever, W., Warnock, F., 2002. Information costs and home bias: An analysis of US holdings of foreign equities. Working Paper.
  • 3
    • 11044228050 scopus 로고    scopus 로고
    • The effect of external finance on the equilibrium allocation of capital
    • Almeida H., and Wolfenzon D. The effect of external finance on the equilibrium allocation of capital. Journal of Financial Economics 75 (2005) 133-164
    • (2005) Journal of Financial Economics , vol.75 , pp. 133-164
    • Almeida, H.1    Wolfenzon, D.2
  • 4
    • 33947525599 scopus 로고    scopus 로고
    • Baker, M., Coval, J., Stein, J., 2004, Corporate financing decisions when investors take the path of least resistance, Harvard University working paper.
  • 5
    • 3342963401 scopus 로고    scopus 로고
    • Private benefits and cross-listings in the United States
    • Benos E., and Weisbach M. Private benefits and cross-listings in the United States. Emerging Markets Review 5 (2004) 217-240
    • (2004) Emerging Markets Review , vol.5 , pp. 217-240
    • Benos, E.1    Weisbach, M.2
  • 6
    • 0000119713 scopus 로고
    • Agents watching agents: The promise of institutional investor voice
    • Black B. Agents watching agents: The promise of institutional investor voice. UCLA Law Review 39 (1992) 811-893
    • (1992) UCLA Law Review , vol.39 , pp. 811-893
    • Black, B.1
  • 8
    • 0002479105 scopus 로고
    • Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms
    • Bradley M., Desai A., and Kim H. Synergistic gains from corporate acquisitions and their division between the stockholders of target and acquiring firms. Journal of Financial Economics 21 (1988) 3-40
    • (1988) Journal of Financial Economics , vol.21 , pp. 3-40
    • Bradley, M.1    Desai, A.2    Kim, H.3
  • 9
    • 33947529242 scopus 로고    scopus 로고
    • Burns, N., 2003. The role of cross-listed stock as an acquisition currency: Evidence from takeovers of US Firms. Working Paper, Ohio State University.
  • 10
    • 0040519325 scopus 로고
    • Foreign takeover activity in the US and wealth effects for target firm shareholders
    • Cebenoyan A., Papaioannou G., and Travlos N. Foreign takeover activity in the US and wealth effects for target firm shareholders. Financial Management 21 (1992) 58-68
    • (1992) Financial Management , vol.21 , pp. 58-68
    • Cebenoyan, A.1    Papaioannou, G.2    Travlos, N.3
  • 11
    • 0042261097 scopus 로고    scopus 로고
    • The future as history: The prospects for global convergence in corporate governance and its implications
    • Coffee J. The future as history: The prospects for global convergence in corporate governance and its implications. Northwestern University Law Review 93 (1999) 641-708
    • (1999) Northwestern University Law Review , vol.93 , pp. 641-708
    • Coffee, J.1
  • 12
    • 33947500231 scopus 로고    scopus 로고
    • Coffee, J., 2002. The coming competition among securities markets: What strategies will dominate? Working paper No. 192, Columbia Law and Economics.
  • 13
    • 38249034425 scopus 로고
    • Two-tier and negotiated tender offers: The imprisonment of the free-riding shareholder
    • Comment R., and Jarrell G. Two-tier and negotiated tender offers: The imprisonment of the free-riding shareholder. Journal of Financial Economics 19 (1987) 283-310
    • (1987) Journal of Financial Economics , vol.19 , pp. 283-310
    • Comment, R.1    Jarrell, G.2
  • 14
    • 0030075541 scopus 로고    scopus 로고
    • Active investors and management turnover following unsuccessful control contests
    • Denis D.J., and Serrano J.M. Active investors and management turnover following unsuccessful control contests. Journal of Financial Economics 40 (1996) 239-266
    • (1996) Journal of Financial Economics , vol.40 , pp. 239-266
    • Denis, D.J.1    Serrano, J.M.2
  • 15
    • 2442704358 scopus 로고    scopus 로고
    • US cross-listings and the private benefits of control: Evidence from dual-class firms
    • Doidge C. US cross-listings and the private benefits of control: Evidence from dual-class firms. Journal of Financial Economics 72 (2004) 519-553
    • (2004) Journal of Financial Economics , vol.72 , pp. 519-553
    • Doidge, C.1
  • 17
    • 1842445955 scopus 로고    scopus 로고
    • Private benefits of control: An International comparison
    • Dyck A., and Zingales L. Private benefits of control: An International comparison. Journal of Finance 59 (2004) 533-596
    • (2004) Journal of Finance , vol.59 , pp. 533-596
    • Dyck, A.1    Zingales, L.2
  • 18
    • 0030295974 scopus 로고    scopus 로고
    • Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypothesis
    • Eun C., Kolody R., and Scheraga C. Cross-border acquisitions and shareholder wealth: Tests of the synergy and internalization hypothesis. Journal of Banking and Finance 20 (1996) 1559-1582
    • (1996) Journal of Banking and Finance , vol.20 , pp. 1559-1582
    • Eun, C.1    Kolody, R.2    Scheraga, C.3
  • 19
    • 19944413032 scopus 로고    scopus 로고
    • The choice of payment method in European mergers & acquisitions
    • Faccio M., and Masulis R. The choice of payment method in European mergers & acquisitions. Journal of Finance 60 3 (2005) 1345-1388
    • (2005) Journal of Finance , vol.60 , Issue.3 , pp. 1345-1388
    • Faccio, M.1    Masulis, R.2
  • 20
    • 0002357241 scopus 로고    scopus 로고
    • The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the US
    • Foerster S., and Karolyi A. The effects of market segmentation and investor recognition on asset prices: Evidence from foreign stocks listing in the US. Journal of Finance 54 (1999) 981-1014
    • (1999) Journal of Finance , vol.54 , pp. 981-1014
    • Foerster, S.1    Karolyi, A.2
  • 21
    • 0001208067 scopus 로고
    • Exchange rates and foreign direct investment: An imperfect capital markets approach
    • Froot K., and Stein J. Exchange rates and foreign direct investment: An imperfect capital markets approach. Quarterly Journal of Economics 106 (1991) 1191-1217
    • (1991) Quarterly Journal of Economics , vol.106 , pp. 1191-1217
    • Froot, K.1    Stein, J.2
  • 22
    • 33947491605 scopus 로고    scopus 로고
    • Garmaise, M., Liu, J., 2004. Corruption, firm governance, and the cost of capital. UCLA Working Paper.
  • 23
    • 0000353081 scopus 로고    scopus 로고
    • Corporate governance proposals and shareholder activism: The role of institutional investors
    • Gillan S.L., and Starks L.T. Corporate governance proposals and shareholder activism: The role of institutional investors. Journal of Financial Economics 57 (2000) 275-305
    • (2000) Journal of Financial Economics , vol.57 , pp. 275-305
    • Gillan, S.L.1    Starks, L.T.2
  • 24
    • 49149139418 scopus 로고
    • The determinants of foreign banking activity in the United States
    • Goldberg L.G., and Saunders A. The determinants of foreign banking activity in the United States. Journal of Banking and Finance 5 (1981) 17-32
    • (1981) Journal of Banking and Finance , vol.5 , pp. 17-32
    • Goldberg, L.G.1    Saunders, A.2
  • 26
    • 0003036811 scopus 로고
    • A theory for the choice of exchange medium in mergers and acquisitions
    • Hansen R. A theory for the choice of exchange medium in mergers and acquisitions. Journal of Business 60 (1987) 75-95
    • (1987) Journal of Business , vol.60 , pp. 75-95
    • Hansen, R.1
  • 27
    • 33947520138 scopus 로고    scopus 로고
    • Decoupling CEO wealth and firm performance: The case of acquiring CEOs, forthcoming
    • Harford J., and Li K. Decoupling CEO wealth and firm performance: The case of acquiring CEOs, forthcoming. Journal of Finance (2005)
    • (2005) Journal of Finance
    • Harford, J.1    Li, K.2
  • 28
    • 84977736926 scopus 로고
    • The role of acquisitions in foreign direct investment: Evidence from the US stock market
    • Harris R., and Ravenscraft D. The role of acquisitions in foreign direct investment: Evidence from the US stock market. Journal of Finance 3 46 (1991) 825-844
    • (1991) Journal of Finance , vol.3 , Issue.46 , pp. 825-844
    • Harris, R.1    Ravenscraft, D.2
  • 29
    • 0012319054 scopus 로고    scopus 로고
    • Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature
    • Healy P., and Palepu K. Information asymmetry, corporate disclosure, and the capital markets: A review of the empirical disclosure literature. Journal of Accounting and Economics 31 (2001) 405-440
    • (2001) Journal of Accounting and Economics , vol.31 , pp. 405-440
    • Healy, P.1    Palepu, K.2
  • 30
    • 0000125534 scopus 로고
    • Sample selection bias as a specification error
    • Heckman J. Sample selection bias as a specification error. Econometrica 47 (1979) 153-162
    • (1979) Econometrica , vol.47 , pp. 153-162
    • Heckman, J.1
  • 31
    • 44649197264 scopus 로고
    • Theory of the firm: Managerial behavior, agency costs, and ownership structure
    • Jensen M., and Meckling W. Theory of the firm: Managerial behavior, agency costs, and ownership structure. Journal of Financial Economics 3 (1976) 305-360
    • (1976) Journal of Financial Economics , vol.3 , pp. 305-360
    • Jensen, M.1    Meckling, W.2
  • 32
    • 0003365819 scopus 로고    scopus 로고
    • Why do companies list shares abroad? A survey of the evidence and its managerial implications
    • Blackwell Publishers, Boston
    • Karolyi A. Why do companies list shares abroad? A survey of the evidence and its managerial implications. Financial Markets, Institutions, and Instruments vol. 7 (1998), Blackwell Publishers, Boston
    • (1998) Financial Markets, Institutions, and Instruments , vol.7
    • Karolyi, A.1
  • 33
    • 33947502612 scopus 로고    scopus 로고
    • Karolyi, A., 2004. The world of cross-listings and cross-listings of the world: Challenging conventional wisdom. Ohio State University Working Paper.
  • 34
    • 0038062629 scopus 로고    scopus 로고
    • ADRs, analysts, and accuracy: Does cross-listing in the US improve a firm's information environment and increase market value
    • Lang M., Lins K., and Miller D. ADRs, analysts, and accuracy: Does cross-listing in the US improve a firm's information environment and increase market value. The Journal of Accounting Research 41 (2003) 317-345
    • (2003) The Journal of Accounting Research , vol.41 , pp. 317-345
    • Lang, M.1    Lins, K.2    Miller, D.3
  • 35
    • 33746915153 scopus 로고    scopus 로고
    • Earnings management and cross listing: Are reconciled earnings comparable to US earnings?
    • Lang M., Raedy J.S., and Wilson W. Earnings management and cross listing: Are reconciled earnings comparable to US earnings?. Journal of Accounting and Economics 42 1-2 (2006) 255-283
    • (2006) Journal of Accounting and Economics , vol.42 , Issue.1-2 , pp. 255-283
    • Lang, M.1    Raedy, J.S.2    Wilson, W.3
  • 39
    • 0042012826 scopus 로고    scopus 로고
    • Investor protection and earnings management: An international comparison
    • Leuz C., Nanda D.J., and Wysocki P. Investor protection and earnings management: An international comparison. Journal of Financial Economics 69 (2003) 505-527
    • (2003) Journal of Financial Economics , vol.69 , pp. 505-527
    • Leuz, C.1    Nanda, D.J.2    Wysocki, P.3
  • 40
    • 85055302283 scopus 로고    scopus 로고
    • Cross-listing and corporate governance: Bonding or avoiding?
    • Licht A. Cross-listing and corporate governance: Bonding or avoiding?. Chicago Journal of International Law 4 (2003) 141-163
    • (2003) Chicago Journal of International Law , vol.4 , pp. 141-163
    • Licht, A.1
  • 41
    • 0010955731 scopus 로고    scopus 로고
    • The method of payment in corporate acquisitions, investment opportunities, and management ownership
    • Martin K. The method of payment in corporate acquisitions, investment opportunities, and management ownership. Journal of Finance 51 (1996) 1227-1246
    • (1996) Journal of Finance , vol.51 , pp. 1227-1246
    • Martin, K.1
  • 42
    • 0040428442 scopus 로고    scopus 로고
    • Large shareholders as monitors: Is there a trade-off between liquidity and control?
    • Maug E. Large shareholders as monitors: Is there a trade-off between liquidity and control?. Journal of Finance 53 (1998) 65-98
    • (1998) Journal of Finance , vol.53 , pp. 65-98
    • Maug, E.1
  • 43
    • 0013467834 scopus 로고    scopus 로고
    • The geography of equity listing: Why do companies list abroad?
    • Pagano M., Roell A., and Zechner J. The geography of equity listing: Why do companies list abroad?. Journal of Finance 57 (2002) 2651-2694
    • (2002) Journal of Finance , vol.57 , pp. 2651-2694
    • Pagano, M.1    Roell, A.2    Zechner, J.3
  • 44
    • 0034009792 scopus 로고    scopus 로고
    • The Heckman correction for sample selection and its critique
    • Puhani P. The Heckman correction for sample selection and its critique. Journal of Economic Surveys 14 (2000) 53-68
    • (2000) Journal of Economic Surveys , vol.14 , pp. 53-68
    • Puhani, P.1
  • 45
    • 0036788673 scopus 로고    scopus 로고
    • Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings
    • Reese W., and Weisbach M. Protection of minority shareholder interests, cross-listings in the United States, and subsequent equity offerings. Journal of Financial Economics 66 (2002) 65-104
    • (2002) Journal of Financial Economics , vol.66 , pp. 65-104
    • Reese, W.1    Weisbach, M.2
  • 46
    • 12144259346 scopus 로고    scopus 로고
    • Can foreign firms bond themselves effectively by submitting to US Law?
    • Seigel J. Can foreign firms bond themselves effectively by submitting to US Law?. Journal of Financial Economics 75 (2005) 319-359
    • (2005) Journal of Financial Economics , vol.75 , pp. 319-359
    • Seigel, J.1
  • 49
    • 33947546362 scopus 로고    scopus 로고
    • Smith, G., 2006. Why do non-US firms cross-list in the USA? A test of the bonding hypothesis. Paper Presented at the Western Association Meetings.
  • 50
    • 0001906819 scopus 로고    scopus 로고
    • Globalization, corporate finance, and the cost of capital
    • Stulz R. Globalization, corporate finance, and the cost of capital. Journal of Applied Corporate Finance 12 (1999) 8-25
    • (1999) Journal of Applied Corporate Finance , vol.12 , pp. 8-25
    • Stulz, R.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.