U.S. International Equity Investment

被引：42

作者：

Ammer, John

Holland, Sara B. ^{[1
]}

Smith, David C. ^{[2
]}

Warnock, Francis E. ^{[3
,4
]}

机构：

[1] Univ Georgia, Terry Coll Business, Athens, GA 30602 USA

[2] Univ Virginia, McIntire Sch Commerce, Charlottesville, VA 22903 USA

[3] Univ Virginia, Darden Grad Sch Business Adm, Charlottesville, VA 22903 USA

[4] Natl Bur Econ Res, Cambridge, MA 02138 USA

来源：

JOURNAL OF ACCOUNTING RESEARCH | 2012年 / 50卷 / 05期

关键词：

PROPENSITY SCORE; HOME BIAS; PRIVATE BENEFITS; CROSS-LISTINGS; SELECTION BIAS; CASH HOLDINGS; UNITED-STATES; INFORMATION; GOVERNANCE; COST;

D O I：

10.1111/j.1475-679X.2012.00464.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

Using a comprehensive data set of all U.S. investment in foreign equities, we find that the single most important determinant of the amount of U.S. investment a foreign firm receives is whether the firm cross-lists on a U.S. exchange. Correcting for selection biases, cross-listing leads to a doubling (or more) in U.S. investment, an impact greater than all other factors combined. Much of this increased U.S. investment is purchased in the foreign market, implying that the cross-listing effect reflects something more fundamental about a firm than easier acquisition of its securities. We also demonstrate that cross-listing is an important determinant of U.S. international investment at the country level and describe easy-to-implement methods for including a cross-listing variable as an endogenous control.

引用

页码：1109 / 1139

页数：31

共 66 条

[61] The overseas listing decision: New evidence of proximity preference [J].