Skouratova, Elena; Wald, John - In: Review of Quantitative Finance and Accounting 40 (2013) 2, pp. 319-339
Consistent with crosslisting decreasing the cost of capital, we find that firms which issue American Depositary Receipts (ADRs) are much more likely to undertake an acquisition than non-crosslisted firms. The results do not appear to be driven by self-selection, as the increase in acquisitions...