Valuation Effects of Global Equity Offerings: Evidence from Depositary Receipts Vihang R. Errunza and Darius P. Miller
Bibliographic record
Abstract
We examine the shareholder wealth effects associated with 97 global equity offerings made by foreign firms in the United States. Although on average these global offerings are not associated with a negative stock price response, firms located in emerging markets have negative abnormal returns while those located in developed markets have positive abnormal returns. In addition, we find that the use of proceeds, amount offered, as well as firm size are related to the announcement effects. Interestingly, firm size is positively related to abnormal returns. Overall, our results add to the literature which suggests that the managerial incentives may not be homogenous across countries. . *McGill University and Texas A&M University respectively. The authors thank Social Sciences and Humanities Research Council of Canada and the Center for International Business Studies at Texas A&M University for financial support. We would also like to thank Jeffery Clay and Hwan Shin for research assistan...
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How this classification was reachedexpand
Full frame machine prediction
Teacher imitationNot calibrated prevalence, not ground truth. Human validation pending. The Gemma side is a direct model label for every work in the frame, read from the title-only record. The Codex side is a classifier learned from the 10,348 direct Codex labels and calibrated to design-weighted sample rates; fields without enough sample support carry no Codex call. Candidate is the union of the two sides; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels.
Distilled classifier scores by category (both heads)
| Category | Codex | Gemma |
|---|---|---|
| Metaresearch | 0.002 | 0.017 |
| Meta-epidemiology (narrow) | 0.000 | 0.000 |
| Meta-epidemiology (broad) | 0.000 | 0.000 |
| Bibliometrics | 0.001 | 0.001 |
| Science and technology studies | 0.000 | 0.001 |
| Scholarly communication | 0.001 | 0.001 |
| Open science | 0.000 | 0.001 |
| Research integrity | 0.000 | 0.001 |
| Insufficient payload (model declined to judge) | 0.005 | 0.001 |
Machine scores (provisional)
The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.
Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.
score_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from itClassification
machine, unvalidatedMachine predicted; a candidate call from one source (direct Gemma or distilled Codex), not a consensus.
How this classification was reached, model by model and score by score, is at the end of the page under "How this classification was reached".