The Impact of Cross-Listing on the Home Market's Information Environment and Stock Price Efficiency

被引：20

作者：

Dodd, Olga ^{[1
]}

Gilbert, Aaron ^{[1
]}

机构：

[1] Auckland Univ Technol, Auckland, New Zealand

来源：

FINANCIAL REVIEW | 2016年 / 51卷 / 03期

关键词：

cross-listing; information environment; information asymmetry; informational efficiency of stock prices;

D O I：

10.1111/fire.12110

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We empirically examine changes in information asymmetry and informational efficiency of cross-listed stocks in their home market around a cross-listing in the United States. We estimate intraday market microstructure measures of information asymmetry and price efficiency, and find that a U.S. cross-listing significantly improves the quality of a firm's information environment and stock price efficiency in the home market. This improvement is stronger for cross-listings that take place after the adoption of Sarbanes-Oxley Act. Our results demonstrate that stricter disclosure from a U.S. cross-listing is beneficial, in line with the legal and reputational bonding hypotheses.

引用

页码：299 / 328

页数：30

共 54 条

[1] Liquidity provision and specialist trading in NYSE-listed non-US stocks [J].