| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10224 |
| 来源ID | Working Paper 10224 |
| Private Benefits and Cross-Listings in the United States | |
| Evangelos Benos; Michael S. Weisbach | |
| 发表日期 | 2004-01-12 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | In this paper, we review the literature on private benefits and cross-listings in the United States. We first discuss the alternative approaches used to measure private benefits. We survey recent evidence documenting cross-country differences in the levels of private benefits obtained by corporate managers, as well as the country-specific factors associated with high and low private benefits. We then explain how, by cross-listing its stock in a market with high disclosure and regulatory standards such as the United States, a firm can commit to a relatively low level of private benefits in the future. We discuss the circumstances under which managers would choose to cross-list their stocks in the United States, when such a cross-listing has important implications for managers' private benefits. Finally, we survey recent empirical work that tests empirical implications of this bonding view of cross-listings. Overall, this evidence provides a compelling case that the desire to protect shareholders' rights so as to facilitate access to equity markets is one of a number of reasons why firms choose to cross-list their stocks in the United States. |
| 主题 | Financial Economics ; Corporate Finance ; International Economics ; International Finance |
| URL | https://www.nber.org/papers/w10224 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/567852 |
| 推荐引用方式 GB/T 7714 | Evangelos Benos,Michael S. Weisbach. Private Benefits and Cross-Listings in the United States. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10224.pdf（529KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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