The Securities and Exchange Commission (SEC) requires foreign firms wishing to list their securities on the U.S. exchanges to convert their financial statements to U.S.-based generally accepted accounting principles (GAAP) in a reconciliation filing known as Form 20-F. This paper extends prior...

This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 20,000 firm-year observations of U.S. corporations from 1987-1993. Ourquot; multivariate tests indicate the average value of a firm with international operations is 2.2% higher than...

This paper examines the effect of geographic and industrial diversification on firm value for a sample of over 31,000 firm-year observations of U.S. corporations from 1984 - 1997. Consistent with the predictions of most theories, we find the value of a firm with international operations is 2.7%...

In this study we test whether financial analysts' use their earnings forecasts to make stock recommendations. We hypothesize that if analysts use earnings forecasts as a basis for stock recommendations, the likelihood of a buy (sell) recommendation ought to increase (decrease) when the analyst's...