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Why are foreign firms listed in the U.S. worth more?

✍ Scribed by Craig Doidge; G.Andrew Karolyi; René M Stulz

Book ID
114221404
Publisher
Elsevier Science
Year
2004
Tongue
English
Weight
271 KB
Volume
71
Category
Article
ISSN
0304-405X

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Why are foreign firms listed in the U.S.
Why are foreign firms listed in the U.S. worth more?
✍ Craig Doidge; G.Andrew Karolyi; René M Stulz 📂 Article 📅 2004 🏛 Elsevier Science 🌐 English ⚖ 271 KB

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.