Market Segmentation and the Cost of Capital in International Equity Markets

By R. Mclean. 2001

422 citations recorded by the source corpus.

Subfields: Finance, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/ba5f1d5c3cbf2ecdc8c6135c93dd662dd0685f80

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Citations in the corpus

Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints? (2005, neutral): “Errunza and Miller (1998) provide additional evidence on the sources of gains from ADR listings by examining post-listing returns and documenting that a firm’s cost of capital declines following an ADR.”
Stock Market Liberalization, Economic Reform, and Emerging Market Equity Prices (2000, background): “30 4 Errunza and Miller (1998) and Foerster and Karolyi (1998) provide firm level evidence on the related issue of ADR issuance.”
Political Relationships, Global Financing and Corporate Transparency: Evidence from Indonesia (2006, positive): “segmented markets (Stulz, 1981 and 1999; Errunza and Miller, 2000), and increase the firm’s”
Do Stock Market Liberalizations Cause Investment Booms (2000, background): “Although Fischer and Merton (1984), Barro (1990), Morck, Shleifer, and Vishny (1990) and others have demonstrated that higher stock returns forecast increased future investment in the U.”
The world price of home bias. (2010, neutral): “Foerster and Karolyi (1999), Miller (1999), and Errunza and Miller (2000) examine the returns around the announcement of an American Depositary Receipts program.”
Corporate governance reform and risk-taking: Evidence from a quasi-natural experiment in an emerging market (2020, background): “international risk-sharing (Errunza and Miller, 2000) and better monitoring (Khanna and Palepu,”
Are There Permanent Valuation Gains to Overseas Listing? Evidence from Market Sequencing and Selection (2004, positive): “Errunza and Miller (2000) point out, for example, that when firms start listing abroad, some market-wide liberalization processes can also be simultaneously taking place.”
Emerging Markets Finance (2003, background): “Using a sample of 126 ADRs from 32 countries, Errunza and Miller (2000) document a very significant decline in the cost of capital.”
International Cross‐Listing, Firm Performance, and Top Management Turnover: A Test of the Bonding Hypothesis (2006, neutral): “…and Stulz (2004a)), more scrutiny by financial analysts (Baker, Nofsinger, and Weaver (2002), Lang, Lins, and Miller (2003)), lower cost of capital (Errunza and Miller (2000), Hail and Leuz (2004)), better information environments (Bailey, Karolyi, and Salva (2005)), lower voting premiums (Doidge…”
British Investment Overseas 1870-1913: A Modern Portfolio Theory Approach (2005, background): “For a corporate finance perspective see Errunza and Senbet (1981), Stulz (1999b), Stulz and Wasserfallen (1995), Errunza and Miller (2000).”
Discussion of ADRs, Analysts, and Accuracy: Does Cross-Listing in the United States Improve a Firm's Information Environment and Increase Market Value? (2003, neutral): “cross listings (1) have positive abnormal returns prior to and at the time of the listing announcement (Foerster and Karolyi, 1999; Miller, 1999), (2) exhibit positive long-horizon returns (Foester and Karolyi, 2000), (3) experience declines in the cost of capital after the cross listing (Errunza an”