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

By Mark H. Lang, K. Lins, Darius P. Miller. 2003

835 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/93ce1d86ed6c581d5edf97dd1eee76abb8931eaf

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Citations in the corpus

The liability of foreignness in capital markets: Sources and remedies (2011, positive): “For example, listing in a host country with better investor protection 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., 2004).”
Analyst Coverage and the Cost of Raising Equity Capital: Evidence from Underpricing of Seasoned Equity Offerings (2008, background): “For example, Lang and Lundholm (1993, 1996), Healy et al. (1999), Lang et al. (2003), among others, use an increased level of analyst coverage to measure the benefit of improved corporate disclosure.”
Transparency, Price Informativeness, and Stock Return Synchronicity: Theory and Evidence (2010, methodology): “Moreover, as pointed out by Reese and Weisbach (2002) and Lang et al. (2003), the legal and informational implications of these ADRs and direct listings are essentially the same.”
The Home Court Advantage in International Corporate Litigation (2007, background): “If this logic held, as foreign firms with ADRs are more visible and more closely followed by analysts than are those without ADRs (Lang, Lins, and Miller 2003), then the litigation announcement should be less negative for foreign firms with ADRs than for those without ADRs.”
Investor Protection and the Information Content of Annual Earnings Announcements: International Evidence (2007, neutral): “For example, La Porta et al. (1998) use it to measure financial reporting quality and Bushman et al.”
The Financial Analyst Forecasting Literature: A Taxonomy with Suggestions for Further Research (2008, neutral): “Lang, Lins, and Miller (2003) Archival, I/B/E/S, 1996.”
Does International Cross-Listing Improve the Information Environment? (2008, positive): “A final hypothesis is suggested by Lang, Raedy, and Yetman (2003).”