KPMG Peat Marwick Professor Giinther Gebhardt Johann Wolfgang Goethe-Universitat Sidney J. Gray University of Warwick Introduction In 1993, Daimler-Benz Corporation considered listing existing shares of stock as American Depositary Receipts (ADRs) on the New York Stock Exchange (NYSE) following several years of negotiations with the U.S. Securities and Exchange Commission on the nature of those disclosures. Daimler-Benz, the first German company to seriously consider listing on the NYSE, would have to provide financial information according to U.S. Generally Accepted Accounting Principles (GAAP) in order to list. The objective of this paper is to examine the following issues: The costs and benefits of listing on foreign stock exchanges, The process of listing on the NYSE, with special emphasis on listing requirements, The major factors influencing Daimler-Benzâs decision to list on the NYSE, Key differences between German and U.S. generally accepted accounting principles (GAAP), and The impact of U.S. GAAP on Daimler-Benzâs reported earnings and shareholdersâ equity. The Costs and Benefits of Listing on a Foreign Exchange Several studies have investigated the costs and benefits of listing on a foreign stock exchange (see Mittoo 1992, Saudagaran 1988, Alexander et a]. 1988, Biddle and Saudagaran 1989 and 1991, and Howe and
Journal of International Financial Management & Accounting – Wiley
Published: Jun 1, 1995
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