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Cross-listing as a Global Depository Receipt: The influence of emerging markets, regulation, and accounting regime

Chugh, Shrutika; Fargher, Neil; Wright, Sue

Description

This paper examines factors influencing international firms' decisions to cross-list as Global Depository Receipts (GDRs). We focus on differences in regulatory and accounting requirements between exchanges and the economic clustering that has arisen with increasing globalization. An important economic influence on this decision is the home country, reflecting trade ties. Higher US regulation and governance requirements influence firms from emerging markets to issue GDRs rather than ADRs on a...[Show more]

dc.contributor.authorChugh, Shrutika
dc.contributor.authorFargher, Neil
dc.contributor.authorWright, Sue
dc.date.accessioned2015-12-13T22:34:49Z
dc.identifier.issn1815-5669
dc.identifier.urihttp://hdl.handle.net/1885/76303
dc.description.abstractThis paper examines factors influencing international firms' decisions to cross-list as Global Depository Receipts (GDRs). We focus on differences in regulatory and accounting requirements between exchanges and the economic clustering that has arisen with increasing globalization. An important economic influence on this decision is the home country, reflecting trade ties. Higher US regulation and governance requirements influence firms from emerging markets to issue GDRs rather than ADRs on a US exchange. Using local GAAP or IFRS also tends to deter firms from listing as an ADR, suggesting that the cost of US GAAP reconciliation is an important consideration in the decision to list as a GDR or an ADR.
dc.publisherElsevier BV
dc.sourceJournal of Contemporary Accounting and Economics
dc.titleCross-listing as a Global Depository Receipt: The influence of emerging markets, regulation, and accounting regime
dc.typeJournal article
local.description.notesImported from ARIES
local.identifier.citationvolume10
dc.date.issued2014
local.identifier.absfor150104 - International Accounting
local.identifier.ariespublicationU3488905xPUB5139
local.type.statusPublished Version
local.contributor.affiliationChugh, Shrutika, University of New South Wales
local.contributor.affiliationFargher, Neil, College of Business and Economics, ANU
local.contributor.affiliationWright, Sue, Macquarie University
local.description.embargo2037-12-31
local.bibliographicCitation.issue3
local.bibliographicCitation.startpage262
local.bibliographicCitation.lastpage276
local.identifier.doi10.1016/j.jcae.2014.10.004
local.identifier.absseo900199 - Financial Services not elsewhere classified
dc.date.updated2015-12-11T09:24:19Z
local.identifier.scopusID2-s2.0-84918520104
CollectionsANU Research Publications

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