Learn More
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 References to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) Abstract We examine a primary outcome of corporate governance, the ability to identify and(More)
The development of standard within-subject conditioning tasks for studying similarities and differences in the neural substrates of appetitive and aversive learning is described. Rats learned to press a bar during a brief tone presentation to receive a food pellet reward (the appetitive task). Using the same tone signal, conditioning chamber, and trial(More)
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)
Multiple-unit neuronal recordings were taken from the hippocampi of 10 male, New Zealand white rabbits during classical discrimination and reversal eyeblink conditioning using 2 tones as the conditioned stimuli (CS+ and CS-) and an air-puff unconditioned stimulus. During discrimination training, characteristic learning-related activity was seen in the(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)
In a previous study, lesions of the deep cerebellar nuclei blocked classical eyeblink conditioning, but did not impair discriminative avoidance learning in rabbits. Here, was also found previously, lesions of the anterior and medial dorsal thalamic nuclei severely impaired discriminative avoidance learning. However, these lesions had no impact on(More)