Look at me now
Subtitle: the role of cross-listing in attracting U.S. investors
By: John Ammer ... [et al.].
Contributors: Ammer, John.
Series: International finance discussion papers ;; no. 815; International finance discussion papers (Online) ;; no. 815.
Publisher: Federal Reserve Board
Published: 2004
Place of publication: Washington, D.C
Language: eng
Format: Electronic resource
Description: "We use a comprehensive 1997 survey to examine U.S.  investors' preferences for foreign equities.  We document a variety of firm characteristics that can influence U.S.  investment, but the most important determinant is whether the stock is cross-listed on a U.S.  exchange.  Our selection bias-corrected estimates imply that firms that cross-list can increase their U.S.  holdings by 8 to 11 percent of their market capitalization, roughly doubling the amount held without cross-listing.  All else equal, we find that firms experience smaller increases in U.S.  shareholdings upon cross-listing if they are Canadian, from English-speaking countries, are members of the MSCI World index, or had higher quality accounting standards prior to cross-listing.  We argue that these findings suggest that improvements in information production explain U.S.  investors' attraction to foreign stocks that cross-list in the United States"--Federal Reserve Board web site.
Notes: Also available in print.
Includes bibliographical references.
Title from PDF file as viewed on 9/21/2004.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.