haku: @author Kang, T. / yhteensä: 3
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| Tekijä: | Kang, T. |
| Otsikko: | Level of economic development of a firm's country of domicile and the patterns in stock market reaction surrounding U.S. earnings announcements: A test of the global market segmentation hypothesis |
| Lehti: | Journal of international accounting research
2003 : VOL. 2, p. 23-37 |
| Asiasana: | Stock markets Industries International USA Models |
| Kieli: | eng |
| Tiivistelmä: | Using the level of economic development as a proxy for the degree of capital market segmentation (here: m.s.), this study tests the global m.s. hypothesis predicting that the magnitude of the market's reaction to an earnings announcement (here: e.a.) of American Depositary Receipt (ADR) firm will vary systematically with the extent to which the firm's home country capital market is segmented. The evidence shows that the e.a. of an emerging economy ADR induces a larger market reaction than a developed economy ADR. This finding contributes to the m.s. literature by providing evidence that the market can remain segmented even after cross-listing in the sense that the information environment of firms from segmented economies remains weaker. It also extends prior literature on the information content of earnings. |
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