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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 [5]

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:12731

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

y listing takes place on a U.S.exchange and requires that the listing firm have the same
settlement facilities as those required for U.S.firms.There are also specific reporting and disclosure
requirements.There are three levels of ADRs:Level I,Level II,and Level III.Level I ADRs trade over-the-
counter as“pink sheet”issues,whereas Level II and Level III ADRs are listed on an organized exchange.
Level II ADRs do not result in additional capital being raised by the firm,whereas Level III ADRs result in
capital being raised by the firm.This study focuses on ordinary listings and Level II and Level III ADRs.
Each type of ADR has specific reporting and disclosure requirements(see Foerster and Karolyi,1999,for
a detailed discussion of the reporting requirements).404 The Journal of Financial Research
de Tele′fonos de Chile(CTC)listed on the New York Stock Exchange(NYSE)in
1990 and was the first South American firm to do so in twenty-seven years.2 The
listing received considerable exposure and CTC officials began a“road show”to
canvass potential investors.To the extent that positive(negative)effects accrue to
rivals,the largest gains(losses)should be associated with the first listing from a
country.Because both positive and negative information effects may result from
listings,the effect of listings with the strongest signals(i.e.,first listings from a
country)may be difficult to detect because of potentially offsetting effects.
First Listing from Industry.To the extent that valuation effects accrue to
rivals because of industry information embedded in the listings,the effect should
be strongest for the first listing in an industry.However,because both positive and
negative valuation effects for industry rivals may result from the listing,the effect
of listings that convey the most information(i.e.,first listings from an industry)
may be difficult to detect because of potentially offsetting effects.
IV.Sample Selection and Method
We use a sample of 269 foreign firms that listed on organized stock ex-
changes in the United States between 1970 and 1999.We obtain the sample of
cross-border stock listings from the NYSE’s Research Department and from the
Bank of New York.The sample includes listings on the NYSE,the American Stock
Exchange(AMEX),and Nasdaq.Listings must meet the following criteria to qual-
ify for inclusion in the sample:(a)the listing firm has at least one rival with the
same four-digit Standard Industrial Classification(SIC)code at the time of the list-
ing,which has share price data available from the Center for Research in Security
Prices(CRSP);(b)the listing is a first-time listing in the United States and is not
a switch from another exchange in the United States;and(c)the listing does not
occur on the same date as other listings in the industry.
Descriptive statistics for the sample of 269 cross-border listings are pre-
sented in Table 1.Most of the listings originate in Europe and only a few listings
originate in the Middle East or Africa.Most of the listings occur in the 1990s and
originate in developed countries.
The event study method is used to measure the average abnormal return
(AR)of rivals in response to the cross-border listings.A potential problem in
identifying the relevant event date is that the listing announcement often precedes
the actual listing.Although unambiguous announcement dates may 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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