Why are foreign firms listed in the U . S . worth more ?
Craig Doidgea, G. Andrew Karolyib, +1 authore M. Stulzb
At the end of 1997, foreign companies with shares cross-listed in the U.S. had Tobin’s q ratios that were 16.5% higher than the q ratios of non-cross-listed firms from the same country. The valuation difference is statistically significant and reaches 37% for those companies that list on major U.S. exchanges, even after controlling for a number of firm and… CONTINUE READING