Assignment First

新西兰房产学论文代写:金融

首先,在讨论股价信息的变化以及与在美国交易所交叉上市的公司相关的公司价值之前,将揭示非美国公司交叉列表的动机。有人可能会认为,了解交叉列表的好处足以确定一个人的论点,但是,它不会提供完整的解释,因为交叉列表问题为什么不会得到解答。许多高度引用的文献学术着作详细讨论了交叉列表的好处(Lang et al。,2003; Fernandes&Ferriera,2008)。然而,Doidgea等人(2002)在其发表的文章中解决了交叉列表和相关成本问题的动机。

新西兰房产学论文代写:金融
关于美国交叉上市的动机,调查显示管理者预计他们的公司将从交叉上市中受益,例如降低资本成本和投资者认可度(Doidgea等人,2002; Mittoo,1992 ; Fanto&Karmel,1997)。现在将介绍来自实证研究的结果,以证明那些接受调查的管理人员的期望并非基于空洞的希望。因此,为了继续激发当前的讨论,但结果的假设原因将在本章后面的小节中介绍。通过事件研究测试,美国交易所交叉上市公告的综合结果伴随着1.15%的显着异常回报(Miller,1999; Forester&Karolyi,1999)。 Foerster&Karolyi(1999),但对于新兴市场住所和在美国主要交易所上市的公司来说,异常收益更加显着,并且在2.63%时更高(Doidgea等,2002; Miller,1999)。

新西兰房产学论文代写:金融

First, the motivation of non-U.S. companies to cross-list will be revealed prior to the discussion on the change in the informativeness of stock prices and the firm value associated with firms cross-listing on a U.S. exchange. One can argue understanding the benefits of cross-listing is sufficient to establish one’s argument, however, it would provide a lesser than a full explanation because the why cross-listing question would not be unanswered. A number of highly cited academic works of literature discussed the benefits of the cross-listing in detail (Lang et al., 2003; Fernandes & Ferriera, 2008). However, the motivation to cross-list and the associated cost questions were addressed by Doidgea et al., (2002) in their published articles.

新西兰房产学论文代写:金融
With regard to the motivation to cross-list in the U.S., surveys suggest managers anticipate their company will benefit from the cross-listing, for examples lowers the cost of capital, and investor recognition (Doidgea, et al., 2002; Mittoo, 1992; Fanto & Karmel, 1997). Findings from empirical studies will be presented now to demonstrate that the expectations of those surveyed managers were not based on empty hopes. Thus to continue motivating the current discussion, the hypothesized causes of the result will be introduced in later subsections of this chapter, however. By event-study tests, the aggregated result of a U.S. exchange cross-listing announcement is accompanied by a significant abnormal return of 1.15% (Miller, 1999; Forester & Karolyi, 1999). Foerster & Karolyi (1999) but for firms of emerging market domicile and for listing on a major U.S. exchange the abnormal return is more distinguished and higher at 2.63% (Doidgea et al., 2002; Miller, 1999).