Do U.S. Analysts Improve the Local Information Environment of Cross-Listed Stocks?

Do U.S. Analysts Improve the Local Information Environment of Cross-Listed Stocks?
Author: Amir Amel-Zadeh
Publisher:
Total Pages: 57
Release: 2018
Genre:
ISBN:

This paper examines whether and how U.S. analysts contribute to an improvement in the home market information environment of foreign firms cross-listed in the United States. Comparing return and trading volume reactions to U.S. analyst recommendation revisions to local analysts' for cross-listed stocks from 40 countries, we find strong evidence of a U.S. analyst location premium. We strengthen the identification of this effect by examining a subsample of analysts that move locations allowing us to isolate the effect of the location from unobserved differences in analyst, broker and firm characteristics. The U.S.-location premium to information production cannot be explained by a bonding or certification role of U.S. analysts or by higher U.S. investor demand for U.S. analyst services. Rather, we find evidence that U.S. analysts have an advantage in understanding U.S. GAAP reconciliations of cross-listed firms and that this advantage disappears with the adoption of IFRS.

Regional Financial Integration in Africa: Cross-listings as a Form of Regional Financial Integration

Regional Financial Integration in Africa: Cross-listings as a Form of Regional Financial Integration
Author: Moses Wisdom Chisadza
Publisher: Anchor Academic Publishing (aap_verlag)
Total Pages: 117
Release: 2014-02
Genre: Social Science
ISBN: 3954892219

This book looks at contemporary issues facing financial markets in Southern Africa. It has been established that African stock markets are confronted with a multitude of problems which include inadequate liquidity, low capitalisation, few market participants, a small number of listed companies and low trading volumes. As a result, their broader economic impact has so far been limited. The Southern Africa Development Community (‘SADC’) stock markets, with the exception of South Africa, are small both in terms of the number of listed companies and market capitalisation, and they display considerable illiquidity. In general, the SADC region has shallow and underdeveloped financial markets. Their development has been hampered by a number of factors which include; political and economic uncertainty, fiscal dominance, weak judicial institutions, limited investment opportunities in the private sector, technological constraints, and the shortage of skilled personnel with expertise in banking and finance.

Valuation

Valuation
Author: McKinsey & Company Inc.
Publisher: John Wiley and Sons
Total Pages: 866
Release: 2010-07-26
Genre: Business & Economics
ISBN: 0470424702

The #1 guide to corporate valuation is back . . . and better than ever! "The best valuation book just got better. This edition's greater emphasis on what drives value and how to measure it will improve the way practitioners conduct financial analysis and, ultimately, make strategic decisions. It is required reading for all executives." —Professor Benjamin C. Esty, Harvard Business School, author of Modern Project Finance: A Casebook "The bible in its field. Anyone wanting to understand what drives corporate value should read this latest edition." —Dr. Raymund Breu, former chief financial officer, Novartis AG "Valuation gets to the heart of how to measure and manage value in a company. Whether you are evaluating an acquisition, restructuring a corporation, or formulating strategy, this book will help you do it well." —John A. Manzoni, Chief Executive Officer, Talisman Energy Inc. "A 'how-to' guide for corporate executives who want to get at the unrealized shareholder values trapped in public companies." —New York Times "The book's clarity and comprehensive coverage make it one of the best practitioners' guides to valuation." —Financial Times

Disclosure Behavior of European Firms around the Adoption of IFRS

Disclosure Behavior of European Firms around the Adoption of IFRS
Author: Michael H. R. Erkens
Publisher: Springer
Total Pages: 175
Release: 2016-05-12
Genre: Business & Economics
ISBN: 3658134410

Michael Erkens analyzes the determinants and consequences of information disclosure. He presents an empirical investigation of corporate risk management disclosures of nearly 400 firms from 20 European countries. The results show that countries’ institutional settings and cultural values are predominant factors why firms disclose information on their risk management practices. In another study, the author analyzes the economic consequences associated with the publication of an annual report in English by European firms from non-English speaking countries. He finds that the release of English annual reports attracts more analysts and foreign investors to the firm, and decreases information asymmetries between insiders and outsiders of the firm.

Reconceptualising Global Finance and its Regulation

Reconceptualising Global Finance and its Regulation
Author: Ross P. Buckley
Publisher: Cambridge University Press
Total Pages: 485
Release: 2016-03-11
Genre: Business & Economics
ISBN: 1107100933

Taking stock of the 2008 global financial crisis, this book provides 'outside the box' solutions for reforming international financial regulation.