Abstract
Khanna, Palepu, and Srinivasan (hereafter, KPS) provide an innovative examination of the relations between the use of U.S. disclosure practices by non-U.S. firms and the level of interaction such firms have with U.S. market participants. Prior research focuses on the capital markets, investigating relations between disclosure practices and cross-listing decisions, home bias in equity investment, and properties of analyst forecasts. KPS expand this focus by recognizing that firms also have significant product and labor market interactions that potentially influence disclosure practices. To provide evidence on this question, KPS develop numerous proxies for these interactions and use a new multinational disclosure index. The Standard
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