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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 [4]

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:12767

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

sult.First,if the
increased focus and attention benefit listing firms at the expense of their rivals,ri-
vals should react negatively to the listings.Alternatively,if firms list during periods
of peak performance and their performance is expected to deteriorate following the
listing(Dharan and Ikenberry 1995;Webb 1999),the market should reassess the
competitive balance in favor of the rivals,resulting in a positive reaction.
Privatization Effort.A growing number of cross-border listings occur in
privatization efforts.Privatization usually results in new management and improve-
ments in operating efficiency and competitiveness.Megginson,Nash,and van
Randenborgh(1994)and Boubakri and Cosset(1998)provide evidence that pri-
vatization improves profitability,efficiency,and dividends.Thus,we hypothesize
that rivals of listing firms that are being privatized are negatively affected by the
listing.Competitive and Information Ef fects 403
Information Effects
Previous intraindustry studies provide evidence that information conveyed
by various events affect rivals.For example,Szewczyk(1992)argues that security
offerings may convey unfavorable information regarding the future prospects for
the industry,and Slovin,Sushka,and Bendeck(1991)suggest that going private
may release new information to rivals about the future cash flows of the industry.
Accordingly,cross-border listings may also convey relevant industry information.
To the extent that benefits accrue to the listing firms because of favorable industry
conditions,these benefits should also accrue to their rivals.Alternatively,if the
listing conveys unfavorable information about the entire industry,rivals should
be negatively affected by the listing.We use the following variables to test for
information effects.
Equity Offering in Conjunction with Listing.Non-U.S.firms listing in the
United States may do so as ordinary listings or as ADRs.1 In both instances,the
firm can choose to issue additional shares in conjunction with the listing.It is
well documented that equity issuances convey negative information to the market.
Myers and Majluf(1984)argue that managers capitalize on the existence of infor-
mation asymmetry by issuing overpriced securities.Consequently,investors draw
unfavorable inferences about the value of the firm’s assets and growth opportunities
when new securities are offered.Szewczyk(1992)finds that the negative inference
also affects rivals,resulting in significant negative abnormal returns in response
to security offerings.Thus,we hypothesize that cross-border listings that occur in
conjunction with an offering of additional shares will have a negative effect on
rivals.
Relative Size of Rivals.Rival valuation effects may be inversely related
to the relative size of rivals because less information is typically available about
relatively small firms(Slovin,Sushka,and Bendeck 1991).As a result,the market
is more likely to reassess the values of relatively small rivals because the embedded
information may not contain much incremental value for the relatively large rivals.
Thus,we hypothesize that the information effects are greater(smaller)for relatively
small(large)rivals.
First Listing from Country.The first listing from a country is likely to result
in greater incremental exposure than subsequentlistings.For example,Compan?ia
1
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