ADRs, Analysts, and Accuracy: Does Cross Listing in the United States Improve a Firm's Information Environment and Increase Market Value?

By J. Hubbard. 2003

438 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/8776681a00c21c42b74b6ad70b41a979e4c6c217

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Citations in the corpus

Auditor choice in privatized firms: Empirical evidence on the role of state and foreign owners (2009, background): “21 Relevant to our research questions, Lang et al. (2003) suggest that cross-listed firms may be deliberately subjecting themselves to more scrutiny from external auditors to improve their information environment.”
Firm Innovation in Emerging Markets: The Role of Finance, Governance, and Competition (2011, neutral): “2See Ayyagari, Demirgüç-Kunt, and Maksimovic (2011), Ayyagari, Beck, and Demirgüç-Kunt (2007), and Beck, Demirgüç-Kunt, and Levine (2005).”
Investigating the Relationship between Corporate Social Responsibility and Earnings Management: Evidence from Spain (2016, background): “Finally, Lang et al. (2003) find that cross-listed firms ppear to be less aggressive in terms of earnings mangement and report accounting data that are more onservative.”
Transparency, Liquidity, and Valuation: International Evidence (2009, positive): “trading likely affects transparency (Lang et al. (2003)), it also affects our measures of liquidity because U.”
The Economics of Disclosure and Financial Reporting Regulation: Evidence and Suggestions for Future Research (2015, background): “International studies often aggregate several of the aforementioned proxies into a combined measure (e.g., Leuz et al., 2003; Lang et al., 2003b; Lang et al., 2006; Burgstahler et al., 2006).”
Compliance with IFRS disclosure requirements and individual analysts’ forecast errors (2008, methodology): “Following Chang et al. (2000) and Lang, Lins, and Miller (2003), we deflate forecast error by actual earnings instead of price to ensure that changes in price during the years 2000–2001 do not influence our results.8 The error metric we use is as follows: AFEi,j,t = ∣ ∣ ∣ ∣ (Aj,t − Fi,j,t) Aj,t ∣ ∣…”
The impact of top executive gender on asset prices: Evidence from stock price crash risk (2019, positive): “According to Lang et al. (2003), financial analyst coverage reduces information asymmetry between managers and outside investors. Yu (2008) further finds that firms followed by more financial analysts manage their earnings less.”
The liability of foreignness in capital markets: Sources and remedies (2011, positive): “22 is associated with lower cost of capital (Hail & Leuz, 2009), more scrutiny by financial analysts (Lang et al., 2003), better access to external finance (Reese & Weisbach, 2002) and higher firm valuation (Doidge, et al.”
Financial Reporting Opacity and Informed Trading by International Institutional Investors (2012, background): “(2003) and Lang et al. (2012), suggests greater discretionary earnings smoothing is associated with greater opacity.”
Internationalization and Stock Market Liquidity (2005, positive): “This may occur because international markets have lower information and transaction costs (Chowdhry and Nanda, 1991; Lang et al., 2003), lower settlement risk (Velli, 1994), or more efficient risk pricing (Patro, 2000).”
Selection models in accounting research (2012, background): “Earnings Management/Quality Contracting/Corporate Governance Tax Barton (2001) Roulstone (2003) Phillips (2003) Pincus and Rajgopal (2002) Fee and Hadlock (2004) Omer et al.”
Do investors value smooth performance (2008, positive): “For instance, low earnings volatility, of which cash flow is a major component, is associated with greater analyst following (Lang, Lins, and Miller, 2003), a larger number of institutional investors (Badrinath, Gay, and Kale, 1989), and smaller perceived borrowing costs (Trueman and Titman, 1988).”
The Long-Term Effects of Cross-Listing, Investor Recognition, and Ownership Structure on Valuation (2006, background): “14 Doidge et al. (2006); Doidge, Karolyi, and Stulz (2004); Gozzi, Levine, and Schmukler (2005); and Lang, Lins, and Miller (2003) use Tobin’s q to assess the impact of cross-listing.”
Forward-Looking Disclosures, Financial Verifiability and Analysts' Forecasts: A Study of Cross-Listed European Firms (2009, background): “The beneficial effects of cross-listing in the USA have been shown, among others, by Lang et al. (2003a, 2003b).”
Green credit policy and firm performance: What we learn from China (2021, background): “As one of the information intermediaries, the number of analysts’ followers represents the market’s attention to firms and is also the indicator of firm information environment (Lang et al., 2003).”