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美国费尔菲尔德大学留学生毕业论文:COMPETITIVE AND INFORMATION EFFECTS OF CROSS-BORDER STOCK LISTINGS [3]

论文作者:留学生论文论文属性:硕士毕业论文 thesis登出时间:2011-01-13编辑:anterran点击率:12737

论文字数:5412论文编号:org201101131038595612语种:英语论文 English地区:美国价格:免费论文

关键词:COMPETITIVE AND INFORMATION EFFECTSCROSS-BORDER STOCK LISTINGS美国留学生毕业论文

listing may also have implications for rivals in both
the listing market and the domestic market.Intraindustry effects of cross-border
listings may arise because of changes in the competitive balance in the industry
(competitive effects),information conveyed by the listing relevant to the entire
industry(information effects),or both.
III.Testable Hypotheses
Cross-border listings may result in competitive effects because analysts are
prompted to reassess the competitive balance between the listing firms and their
rivals,and may also generate information effects because valuable information is
transmitted about the conditions within an industry.Several variables related to
these effects are described to help explain the differential response of U.S.rivals
to cross-border listings.
Competitive Effects
Cross-border listings may have a positive or negative effect on rivals be-
cause analysts reassess the competitive strengths and weaknesses of listing firms402 The Journal of Financial Research
relative to their rivals.Foreign firms listing in the United States must reconcile their
Accounting statements to U.S.generally accepted accounting principles(GAAP).
The Securities and Exchange Commission requires Form 20-F reconciliation,which
provides previously unavailable information about the listing firm.Adverse rival
effects may result if cross-border listings prompt analysts to reassess the competi-
tive balance in favor of the listing firms.We hypothesize that rival firms may react
unfavorably(favorably)if the new accounting data indicate competitive advantages
(disadvantages)for the listing firm or if the market expects the listing firm to ben-
efit from greater access to capital.Furthermore,rivals may benefit if the listings
occur when listing firms are perceived to be operating at peak performance.Dharan
and Ikenberry(1995)and Webb(1999)show that firms tend to list during peri-
ods of peak performance and may even accelerate their listings so they can satisfy
listing requirements before poor performance is revealed.To the extent that the
market perceives managerial timing of the listing,rivals would benefit.We use the
following variables to test for competitive effects.
Degree of Market Segmentation.The degree of market segmentation be-
tween the domestic market and the listing market is likely to affect the reaction of
rivals to the listing.Listings from segmented markets may have an adverse effect
on rivals because the listing firm overcomes previous barriers and enjoys greater
access to capital.Indeed,a recent study by Lins,Strickland,and Zenner(2000)
finds that firms that cross-list are able to access capital markets more frequently
after the listing decision.These benefits may give the listing firm a competitive
advantage relative to rival firms,resulting in a negative reaction by rivals.Thus,we
hypothesize that rival valuation effects will be less favorable(more favorable)for
listings originating from segmented(integrated)markets.
No Prior Presence in the United States.Listing firms with prior operat-
ing presence in the United States are less likely to generate incremental focus and
rival reaction because they already have some degree of recognition.In contrast,
listings by firms without prior operating presence in the United States should pro-
duce greater rival effects.Two competing rival reactions may re论文英语论文网提供整理,提供论文代写英语论文代写代写论文代写英语论文代写留学生论文代写英文论文留学生论文代写相关核心关键词搜索。
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