NDLI: Stock price informativeness, cross-listings, and investment decisions

Content Provider	Semantic Scholar
Author	Foucault, Thierry Gehrig, Thomas P.
Copyright Year	2006
Abstract	We show that a cross-listing enables firms to obtain, from the stock market, more precise information about the value of their growth opportunities. Thus, cross-listed firms make better investment decisions and trade at a premium. This theory of cross-listings implies that the sensitivity of investment to stock prices is larger for cross-listed firms. Moreover, the cross-listing premium is positively related to the size of growth opportunities and negatively related to the quality of managerial information. The sensitivity of the premium to the size of growth opportunities increases with factors that strengthen the impact of the cross-listing on price informativeness.
Starting Page	146
Ending Page	168
Page Count	23
File Format	PDF HTM / HTML
DOI	10.1016/j.jfineco.2007.05.007
Volume Number	88
Alternate Webpage(s)	http://faculty.georgetown.edu/evansm1/conference/FoucaultGehrig.pdf
Alternate Webpage(s)	https://www9.georgetown.edu/faculty/evansm1/conference/FoucaultGehrig.pdf
Alternate Webpage(s)	http://www.hec.fr/var/fre/storage/original/application/87d8df3d89c71c331b6d85fe0626c3ef.pdf
Language	English
Access Restriction	Open
Content Type	Text
Resource Type	Article

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