The bonding hypothesis and the home market liquidity of Chinese cross-listed stocks

被引：12
作者：
Huang, Ying [1 ]
Jacoby, Gady [1 ]
Jiang, Christine X. [2 ]
机构：
[1] Univ Manitoba, IH Asper Sch Business, Dept Accounting & Finance, 181 Freedman Crescent, Winnipeg, MB R3T 5V4, Canada
[2] Univ Memphis, Memphis, TN 38152 USA
来源：
JOURNAL OF INTERNATIONAL FINANCIAL MARKETS INSTITUTIONS & MONEY | 2016年 / 43卷
关键词：
Bonding hypothesis; Liquidity; Cross-listed stocks; CORPORATE GOVERNANCE; FIRMS; DISCLOSURE; LISTINGS; ANALYSTS; IMPROVE; DEALER; NASDAQ; EQUITY; NYSE;
D O I：
10.1016/j.intfin.2016.04.003
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We investigate liquidity, transaction costs and information content in trades of mainland Chinese stocks that are cross-listed on the Hong Kong stock market. Most majority of cross listed Chinese stocks issue shares in the Hong Kong market and domestic shares at the same time, or even issue the former prior to the issuance of the latter. We find supportive evidence of the bonding hypothesis. Cross-listed stocks are more liquid, have lower transaction costs and less information content in trades than those non-cross-listed. These improvements remain significant after controlling for known liquidity determinants. (C) 2016 Elsevier B.V. All rights reserved.
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页码：146 / 157
页数：12
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