Why are foreign firms listed in the US worth more?

• 成果类型: Article
• 署名作者: Doidge, C; Karolyi, GA; Stulz, RM
• 署名单位: University System of Ohio; Ohio State University; University of Toronto
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/S0304-405X(03)00183-1
• 发表日期: 2004
• 页码: 205-238
• 关键词: INTERNATIONAL CROSS-LISTINGS; valuation; controlling shareholders; governance

摘要

At the end of 1997, foreign companies with shares cross-listed in the U.S. had Tobin's q ratios that were 16.5% higher than the q ratios of non-cross-listed firms from the same country. The valuation difference is statistically significant and reaches 37% for those companies that list on major U.S. exchanges, even after controlling for a number of firm and country characteristics. We suggest that a U.S. listing reduces the extent to which controlling shareholders can engage in expropriation and thereby increases the firm's ability to take advantage of growth opportunities. We show that growth opportunities are more highly valued for firms that choose to cross-list in the U.S., particularly those from countries with poorer investor rights. (C) 2003 Elsevier B.V. All rights reserved.