| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w11162 |
| 来源ID | Working Paper 11162 |
| Private Benefits of Control, Ownership, and the Cross-Listing Decision | |
| Craig Doidge; G. Andrew Karolyi; Karl V. Lins; Darius P. Miller; Rene M. Stulz | |
| 发表日期 | 2005-03-07 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper investigates how a foreign firm's decision to cross-list its shares in the U.S. is related to the concentration of the ownership of its cash flow rights and of its control rights. Theory has proposed that when private benefits are high, controlling shareholders are less likely to choose to list their firm's shares in the U.S. because the higher standards for transparency and disclosure, as well as the increased monitoring associated with such listings, limit their ability to extract private benefits. We offer evidence that confirms this hypothesis using data on more than 4,000 firms from 31 countries. Using logistic regression analysis, we show that the control rights held by controlling shareholders, as well as the difference between their control rights and their cash flow rights are significantly and negatively related to the existence of a U.S. listing. In addition, we employ duration analysis using a Cox proportional-hazard model to show that the probability of listing in a given year from 1995 to 2001, conditional on not yet having listed, is significantly lower for firms whose managers have high levels of control and for firms whose controlling shareholder owns more control rights than cash flow rights. |
| 主题 | Financial Economics ; Financial Markets ; Corporate Finance ; Other ; Law and Economics ; Economic Systems |
| URL | https://www.nber.org/papers/w11162 |
| 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/568799 |
| 推荐引用方式 GB/T 7714 | Craig Doidge,G. Andrew Karolyi,Karl V. Lins,et al. Private Benefits of Control, Ownership, and the Cross-Listing Decision. 2005. |
| 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 | ||
| w11162.pdf（315KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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