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.

引用

页码：146 / 157

页数：12

共 47 条

[31] The cost of trading during Federal Funds Rate announcements: Evidence from cross-listed stocks [J].

Frijns, Bart ;

Indriawan, Ivan ;

Otsubo, Yoichi ;

Tourani-Rad, Alireza .

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2019, 60 :176-187

[32] Information, Trading Volume, and International Stock Return Comovements: Evidence from Cross-Listed Stocks [J].

Gagnon, Louis ;

Karolyi, G. Andrew .

JOURNAL OF FINANCIAL AND QUANTITATIVE ANALYSIS, 2009, 44 (04) :953-986

[33] The interactions between price discovery, liquidity and algorithmic trading for US-Canadian cross-listed shares [J].

Frijns, Bart ;

Indriawan, Ivan ;

Tourani-Rad, Alireza .

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2018, 56 :136-152

[34] Dual-Class Firms: Evidence from IPOs of Chinese Firms Cross-Listed on US Exchanges [J].

Abdullah ;

Zhou Jia'nan ;

Shah, Muhammad Hashim .

EMERGING MARKETS FINANCE AND TRADE, 2017, 53 (07) :1691-1704

[35] Capital market consequences of cultural influences on earnings: The case of cross-listed firms in the US stock market [J].

Wijayana, Singgih ;

Gray, Sidney J. .

INTERNATIONAL REVIEW OF FINANCIAL ANALYSIS, 2018, 57 :134-147

[36] Modeling around-the-clock price discovery for cross-listed stocks using state space methods [J].

Menkveld, Albert J. ;

Koopman, Siem Jan ;

Lucas, Andre .

JOURNAL OF BUSINESS & ECONOMIC STATISTICS, 2007, 25 (02) :213-225

[37] Cross-Listing and Corporate Green Innovation: Evidence from Chinese AH Cross-Listed Firms [J].

Li, Can ;

Wang, Fusheng .

SYSTEMS, 2025, 13 (03)

[38] Research of Cross-listed stocks' price correlation in the case of Shanghai-Hong Kong Stock Connect program [J].

Xu, Tiansheng ;

Wang, Xiaokang ;

Xi, Zongzheng ;

Zhang, Jiong ;

Gao, Jing .

PROCEEDINGS OF THE 2017 INTERNATIONAL SEMINAR ON ARTIFICIAL INTELLIGENCE, NETWORKING AND INFORMATION TECHNOLOGY (ANIT 2017), 2017, 150 :13-16

[39] Informed traders of cross-listed shares trade more in the domestic market around earnings releases [J].

Kryzanowski L. ;

Lazrak S. .

Review of Quantitative Finance and Accounting, 2011, 36 (1) :1-31

[40] Do Cross-Listed Firms Have a Better Governance Structure and Lower Agency Costs? Evidence from Chinese Firms [J].

Kim, Dong-Soon ;

Yeo, Eunjung ;

Zhang, Li .

SUSTAINABILITY, 2021, 13 (04) :1-25

← 1 2 3 4 5 →