Darius P. Miller

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This paper investigates the relation between cross listing in the U.S., with its resulting commitment to increased disclosure, and the information environment of non-U.S. firms. We find that firms that cross-list on U.S. exchanges have greater analyst coverage and increased forecast accuracy relative to firms that are not cross listed. A time-series(More)
While theoretical models predict a decrease in the cost of capital from depositary receipt offerings, the economic benefits of this liberalization have been difficult to quantify. Using a sample of 126 firms from 32 countries and a size and country matched control sample, we document a statistically and economically significant decline in returns of 42(More)
NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) Abstract We examine a primary outcome of corporate governance, the ability to identify and(More)
  • Kee-Hong Bae, René M. Stulz, +5 authors Mathijs van Dijk
  • 2007
Humanities Research Council of Canada for support. We thank Thomson Financial for access to their Institutional Brokers Estimate System (I/B/E/S) provided as part of a broad academic program to encourage earnings expectations research, and Ian Byrne from Standard & Poor's who provided us with the S&P Transparency and Disclosure data. We are grateful for(More)
This paper investigates how a foreign firm's decision to cross-list on a U.S. stock exchange is related to the consumption of private benefits of control by its controlling shareholders. Theory has proposed that when private benefits are high, controlling shareholders are less likely to choose to cross-list in the United States because of constraints on the(More)
This paper examines the costs, wealth effects, and determinants of international capital raising for a sample of 260 public debt issues made by non-U.S. firms in the U.S. (Yankee) market. We find that investors demand economically significant premiums on bonds issued by firms that are located in countries that do not protect investors' rights and do not(More)
This paper investigates the valuation effects of corporate international diversification by examining cross-border mergers and acquisitions of U.S. acquirers over the period 1990-1999. We find that, on average, acquisitions of " fairly valued " foreign business units do not lead to value discounts. Consistent with the industrial diversification discount(More)
Shareholder voting is one of the fundamental mechanisms through which corporate governance is exercised, yet to date it has not been systematically analyzed across countries. We study the votes cast by U.S. institutional investors in elections held by 5,211 firms across 46 countries to assess the impact of internal (firm-level) and external (country-level)(More)