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Corporate governance, agency problems and international cross-listings: A defense of the bonding hypothesis

机译:公司治理,代理问题和国际交叉上市:对担保假说的辩护

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摘要

Why firms from around the world seek to cross-list their shares on overseas exchanges has intrigued scholars during the past two decades. A general dissatisfaction with the conventional wisdom about investment barriers segmenting global investors and how cross-listings overcome those barriers cleared the way for newer wisdom about informational problems and agency conflicts, and how firms could overcome weaknesses in corporate governance by listing on, and thus "bonding" to, overseas markets with stronger regulatory oversight, stringent reporting and disclosure requirements and investor protections. Critics have challenged the viability of the bonding hypothesis, which I answer in this review.
机译:在过去的二十年中,为什么世界各地的公司寻求在海外交易所交叉交易其股票的原因引起了学者的兴趣。人们普遍不满传统的关于将投资壁垒分割成全球投资者的投资障碍的传统观念,以及交叉上市如何克服这些障碍,这为人们在信息问题和代理冲突以及企业如何通过上市克服克服公司治理弱点方面的新思路开辟了道路。绑定到具有更强监管监督,严格的报告和披露要求以及投资者保护的海外市场。批评者挑战了结合假说的可行性,我在这篇评论中对此进行了回答。

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