Which of the following statements is FALSE?

Group of answer choices

A non-U.S. firms willingness to comply with U.S. disclosure requirements and securities regulations signals its quality and provides better protection of shareholders interests.

While a cross-border listing can signal better protection of shareholders interests and a greater commitment to transparency, this transparency has a cost in management time and comes with greater risk of shareholder lawsuits and regulatory scrutiny.

European firms represent the largest contingent of foreign listings on U.S. exchanges

Foreign listing allows a firms stock to become part of the global portfolio.

American Depository Receipt (ADR) is a negotiable U.S. certificate representing ownership of shares in a non-U.S. corporation.