haku: @author Fernandes, N. / yhteensä: 4
viite: 3 / 4
| Tekijä: | Fernandes, N. Ferreira, M.A. |
| Otsikko: | Does international cross-listing improve the information environment |
| Lehti: | Journal of Financial Economics
2008 : MAY, VOL. 88:2, p. 216-244 |
| Asiasana: | emerging markets stock returns information |
| Vapaa asiasana: | analyst coverage cross-listing |
| Kieli: | eng |
| Tiivistelmä: | This study examines if U.S. cross-listing (hereafter as: x-ltg.) affects the information (here as: info) environment for non-U.S. stocks. The results suggest that x-ltg. has an asymmetric impact on stock price informativeness (as: pr-info-s.) globally, as measured by firm-specific (as: f-spc.) stock return variation. X-ltg. improves pr-info-s. for developed market firms. However, for firms in emerging markets, x-ltg. decreases pr-info-s. The added analyst coverage (as: a-a-cvg.) associated with x-ltg. likely explains the findings in emerging markets, rather than changes in ownership, liquidity, or accounting quality. The results indicate that the a-a-cvg. fosters the production of marketwide info, rather than f-spc. info. |
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