| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12500 |
| 来源ID | Working Paper 12500 |
| Look at Me Now: What Attracts U.S. Shareholders? | |
| John Ammer; Sara B. Holland; David C. Smith; Francis E. Warnock | |
| 发表日期 | 2006-08-31 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | This paper investigates the underlying determinants of home bias using a comprehensive data set on U.S. investors' aggregate holdings of every foreign stock. Among those foreign stocks that are not listed on U.S. exchanges, which account for more than 96 percent of our usable data sample, we find that U.S. investors prefer firms with characteristics associated with greater information transparency, such as stronger home-country accounting standards. We document that a U.S. cross-listing is economically important, as U.S. ownership of a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this "cross-listing effect" and find that the increase in U.S. investment is greatest for firms that are from weak accounting backgrounds and are otherwise informationally opaque, suggesting that the key effect of cross-listing is improvements in disclosure that are valued by U.S. investors. By contrast, cross-listing does not increase the appeal of stocks from countries with weak shareholder rights, suggesting that U.S. cross-listing cannot substitute for legal protections in the home country. Nor does the cross-listing effect appear to be driven simply by increased "familiarity"ÂÂ? with the stock or lowered cross-border transactions costs. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Markets ; Corporate Finance ; Other ; Accounting, Marketing, and Personnel |
| URL | https://www.nber.org/papers/w12500 |
| 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/570157 |
| 推荐引用方式 GB/T 7714 | John Ammer,Sara B. Holland,David C. Smith,et al. Look at Me Now: What Attracts U.S. Shareholders?. 2006. |
| 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 | ||
| w12500.pdf（316KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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