Ammer, John
[VerfasserIn]
;
Holland, Sara B.
[Sonstige Person, Familie und Körperschaft];
Smith, David C.
[Sonstige Person, Familie und Körperschaft];
Warnock, Francis E.
[Sonstige Person, Familie und Körperschaft]
Erschienen in:FRB International Finance Discussion Paper ; No. 930
Umfang:
1 Online-Ressource (38 p)
Sprache:
Nicht zu entscheiden
DOI:
10.2139/ssrn.1146605
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments May 2008 erstellt
Beschreibung:
This paper investigates the underlying determinants of home bias using a comprehensive sample of U.S. investor holdings of foreign stocks. We document that U.S. cross-listings are economically important, as U.S. ownership in a foreign firm roughly doubles upon cross-listing in the United States. We explore the cross-sectional variation in this quot;cross-listing effectquot; and show that increases in U.S. investment are largest in firms from weak accounting backgrounds and in firms that are otherwise informationally opaque, indicating that U.S. investors value the improvements in disclosure associated with cross-listing. We confirm that relative equity valuations rise for cross-listed stocks, and provide evidence suggesting that valuation increases are due in part to increases in U.S. shareholder demand and in part to the fact that the equities become more attractive to non-U.S. shareholders