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Japanese management views on overseas exchange listings: survey results

Author

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  • Taija Baba
  • Nobuyoshi Yamori

Abstract

Previous empirical studies cast a doubt on a positive effect of overseas listings on stockholders' wealth. We should investigate reasons for the steady growth of overseas listings other than the stockholders' wealth maximization. However, we have little information about management views on overseas listings except regarding U.S. firms. In this paper, we used a mail questionnaire to obtain information on overseas listing decisions of Japanese companies. As our survey shows, Japanese managers regard the disclosure and financial reporting requirements as the primary obstacles to overseas listings. This is why many Japanese companies do not list their stocks on overseas stock exchange in spite of the fact that they acknowledge the beneficial effects of overseas listings.

Suggested Citation

  • Taija Baba & Nobuyoshi Yamori, 1999. "Japanese management views on overseas exchange listings: survey results," Pacific Basin Working Paper Series 99-05, Federal Reserve Bank of San Francisco.
    • Handle: RePEc:fip:fedfpb:99-05
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    References listed on IDEAS

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    1. Khan, Walayet A, et al, 1993. "Dual Domestic Listing, Market Structure and Shareholder Wealth," The Financial Review, Eastern Finance Association, vol. 28(3), pages 371-383, August.
    2. Stephen R Foerster & G Andrew Karolyi, 1993. "International Listings of Stocks: The Case of Canada and the U.S," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 24(4), pages 763-784, December.
    3. Alexander, Gordon J & Eun, Cheol S & Janakiramanan, S, 1987. "Asset Pricing and Dual Listing on Foreign Capital Markets: A Note," Journal of Finance, American Finance Association, vol. 42(1), pages 151-158, March.
    4. Lau, Sie Ting & Diltz, J. David & Apilado, Vincent P., 1994. "Valuation effects of international stock exchange listings," Journal of Banking & Finance, Elsevier, vol. 18(4), pages 743-755, September.
    5. Shahrokh M Saudagaran, 1988. "An Empirical Study of Selected Factors Influencing the Decision to List on Foreign Stock Exchanges," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 19(1), pages 101-127, March.
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    Cited by:

    1. Mark M. Spiegel & Nobuyoshi Yamori, 2003. "Determinants of voluntary bank disclosure: evidence from Japanese Shinkin banks," Pacific Basin Working Paper Series 03-03, Federal Reserve Bank of San Francisco.
    2. Abdallah, Wissam & Goergen, Marc, 2008. "Does corporate control determine the cross-listing location?," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 183-199, June.
    3. Yamori, Nobuyoshi, 1998. "Does international trading of stocks decrease pricing errors? Evidence from Japan," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 8(3-4), pages 413-432, December.
    4. Grubisic Seba, Mihaela & Orsag, Silvije, 2015. "Corporate Motives For Public Shares Offering During The Financial Crisis," UTMS Journal of Economics, University of Tourism and Management, Skopje, Macedonia, vol. 6(1), pages 99-114.
    5. Clark, Ephraim & Lakshmi, Geeta, 2007. "Assymetric information and the pricing of sovereign eurobonds: India 1990-1992," Global Finance Journal, Elsevier, vol. 18(1), pages 124-142.

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    More about this item

    Keywords

    Stock exchanges; Japan;

    JEL classification:

    • G20 - Financial Economics - - Financial Institutions and Services - - - General
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets

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