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The effect of United States GAAP com...

Lin, Jing.

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The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations.

Record Type:	Language materials, printed : Monograph/item
Title/Author:	The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations./
Author:	Lin, Jing.
Description:	91 p.
Notes:	Adviser: Bruce K. Behn.
Contained By:	Dissertation Abstracts International68-10A.
Subject:	Business Administration, Accounting. -
Online resource:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3286936
ISBN:	9780549298823

The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations.
Lin, Jing.

The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations. - 91 p.

Adviser: Bruce K. Behn.

Thesis (Ph.D.)--The University of Tennessee, 2007.

This paper examines whether complying with U.S. GAAP impacts non-U.S. firms' cross-listing decisions and listing choices. The capital market consequence of U.S. GAAP compliance is also evaluated. Using two constructs (reconciliation and disclosure) established at the firm level to proxy for foreign firms' U.S. GAAP compliance costs, I find that complying with U.S. financial reporting requirements is a significant cost factor when non-U.S. firms consider whether they should issue or list their shares in the U.S. This finding is consistent with previous survey or case studies which recognize that complying with U.S. GAAP is an important consideration when foreign firms contemplate U.S. listings. However, the significance of compliance costs diminishes as foreign firms decide whether or not they should cross-list on an organized stock exchange. The lack of finding is likely attributable to the fact that cross-listing, especially exchange-listing, gives foreign firms various benefits, such as cross-listing premiums, which potentially outweigh the compliance costs. The valuation analyses confirm the existence of cross-listing premiums. I further find that disclosure costs negatively affect the value of cross-listed firms; i.e., cross-listed firms that disclose less accounting information (incurring higher disclosure costs) are valued less by the market. This result is consistent with the general theme in the literature that disclosure matters. This study extends prior research by directly examining a major cross-listing cost, offering a more comprehensive measure of U.S. GAAP compliance, and measuring the costs at the firm level. It contributes to the understanding of the role accounting plays in non-U.S. firms' cross-listing activities.

ISBN: 9780549298823Subjects--Topical Terms:

1020666
Business Administration, Accounting.

The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations.
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100 1 $a Lin, Jing. $3 648358
245 1 4 $a The effect of United States GAAP compliance on non-U.S. firms' cross-listing decisions, listing choices and their valuations.
300 $a 91 p.
500 $a Adviser: Bruce K. Behn.
500 $a Source: Dissertation Abstracts International, Volume: 68-10, Section: A, page: 4369.
502 $a Thesis (Ph.D.)--The University of Tennessee, 2007.
520 $a This paper examines whether complying with U.S. GAAP impacts non-U.S. firms' cross-listing decisions and listing choices. The capital market consequence of U.S. GAAP compliance is also evaluated. Using two constructs (reconciliation and disclosure) established at the firm level to proxy for foreign firms' U.S. GAAP compliance costs, I find that complying with U.S. financial reporting requirements is a significant cost factor when non-U.S. firms consider whether they should issue or list their shares in the U.S. This finding is consistent with previous survey or case studies which recognize that complying with U.S. GAAP is an important consideration when foreign firms contemplate U.S. listings. However, the significance of compliance costs diminishes as foreign firms decide whether or not they should cross-list on an organized stock exchange. The lack of finding is likely attributable to the fact that cross-listing, especially exchange-listing, gives foreign firms various benefits, such as cross-listing premiums, which potentially outweigh the compliance costs. The valuation analyses confirm the existence of cross-listing premiums. I further find that disclosure costs negatively affect the value of cross-listed firms; i.e., cross-listed firms that disclose less accounting information (incurring higher disclosure costs) are valued less by the market. This result is consistent with the general theme in the literature that disclosure matters. This study extends prior research by directly examining a major cross-listing cost, offering a more comprehensive measure of U.S. GAAP compliance, and measuring the costs at the firm level. It contributes to the understanding of the role accounting plays in non-U.S. firms' cross-listing activities.
590 $a School code: 0226.
650 4 $a Business Administration, Accounting. $3 1020666
690 $a 0272
710 2 $a The University of Tennessee. $3 1022026
773 0 $t Dissertation Abstracts International $g 68-10A.
790 $a 0226
790 1 0 $a Behn, Bruce K., $e advisor
791 $a Ph.D.
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856 4 0 $u http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=3286936