Document Type

Thesis or dissertation

Date of this Version



This paper compares the association between transparency and firm value between U.S. and non-U.S. firms. I show that firm value is more sensitive to disclosure quality and corporate governance in global companies than in U.S. companies. I adopt and modify the Disaggregation Index by Chen et al. (2015), a measure of disclosure quality, and apply it towards global companies reporting under International Financial Reporting Standards (IFRS). By showing the differential effects of transparency on firm value, this paper sheds light on an important concern expressed by U.S. investors when investing in in global equities, and aims to partly explain the difference in betas between U.S. and global firms. I hypothesize U.S. equity home bias to be the main driver of the difference in coefficients, but conclude that change in U.S. ownership is not sufficient in explaining the differential effects.


Disclosure quality, Corporate governance, International accounting, Home bias

Included in

Business Commons



Date Posted: 14 September 2017


To view the content in your browser, please download Adobe Reader or, alternately,
you may Download the file to your hard drive.

NOTE: The latest versions of Adobe Reader do not support viewing PDF files within Firefox on Mac OS and if you are using a modern (Intel) Mac, there is no official plugin for viewing PDF files within the browser window.