Loading...
Please wait, while we are loading the content...
Similar Documents
The Economic Consequences of Increased Disclosure: Evidence from International Cross-listings (2002)
| Content Provider | CiteSeerX |
|---|---|
| Author | Bailey, Warren Karolyi, G. Andrew Salva, Carolina Easton, Peter Ferson, Wayne Connie, X. |
| Description | We study return volatility and trading volume at times of earnings announcements to see if the increased disclosure faced by non-U.S. firms when listing shares in the U.S. has economically significant consequences. We find a surprising change in market behavior around earnings releases: return and volume reactions to earnings announcements typically increase significantly once a stock cross-lists in the U.S. Furthermore, the change in information environment is greatest for firms from developed countries and firms that do not list on an organized stock exchange. The increased market reaction to earnings shocks after cross listing is particularly prominent for firms from developed countries with relatively weak disclosure requirements. |
| File Format | |
| Language | English |
| Publisher Date | 2002-01-01 |
| Publisher Institution | International Crosslistings, forthcoming in the Journal of Financial Economics |
| Access Restriction | Open |
| Subject Keyword | Earnings Release Trading Volume Cross Listing Developed Country International Cross-listings Volume Reaction Market Behavior Weak Disclosure Requirement Increased Market Reaction Return Volatility Stock Cross-lists Economic Consequence Surprising Change Earnings Announcement Earnings Shock U.s. Furthermore Significant Consequence Stock Exchange Information Environment |
| Content Type | Text |
| Resource Type | Article |
