caa a22 4500 463187342 CHVBK 20180406164857.0 cr unu---uuuuu 170326e20070701xx s 000 0 eng 10.1007/s11156-007-0024-0 doi (NATIONALLICENCE)springer-10.1007/s11156-007-0024-0 Disclosure and the cost of equity in international cross-listing [Elektronische Daten] [Tim Eaton, John Nofsinger, Daniel Weaver] In this paper, we examine the relationship between disclosure level and the cost of equity capital for a sample of international firms cross-listing on the New York Stock Exchange. Increased disclosure has the potential to reduce information asymmetry, reduce the cost of financing and increase analyst following. Using an international asset pricing model, we find that listing firms experience a decrease in both disclosure risk and systematic risk while matching firms do not. Further, we find that the magnitude of the decrease is related to three types of disclosure: accounting standards; analyst following; and exchange/regulatory investor protection. Our results suggest that increased disclosure through accounting standards is beneficial to investors and that disclosure can be accomplished through information intermediaries, e.g., analyst following. For firms with the lowest levels of disclosure prior to cross-listing, all three types of disclosure appear to be valuable. Springer Science+Business Media, LLC, 2007 International accounting standards nationallicence Disclosure nationallicence Cost of equity nationallicence Analyst following nationallicence Eaton Tim Department of Accountancy, Richard T. Farmer School of Business, Miami University, 45056, Oxford, OH, USA aut Nofsinger John Depertment of Finance, College of Business, Washington State University, 99164, Pullman, WA, USA aut Weaver Daniel Weaver Department of Finance, Rutgers Business School, Rutgers University, 94 Rockafeller Road, 08854-8054, Piscataway, NJ, USA aut Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/1(2007-07-01), 1-24 0924-865X 29:1<1 2007 29 11156 https://doi.org/10.1007/s11156-007-0024-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11156-007-0024-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Eaton Tim Department of Accountancy, Richard T. Farmer School of Business, Miami University, 45056, Oxford, OH, USA aut NATIONALLICENCE 700 1- Nofsinger John Depertment of Finance, College of Business, Washington State University, 99164, Pullman, WA, USA aut NATIONALLICENCE 700 1- Weaver Daniel Weaver Department of Finance, Rutgers Business School, Rutgers University, 94 Rockafeller Road, 08854-8054, Piscataway, NJ, USA aut NATIONALLICENCE 773 0- Review of Quantitative Finance and Accounting Springer US; http://www.springer-ny.com 29/1(2007-07-01), 1-24 0924-865X 29:1<1 2007 29 11156 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer