Cross-Listing, Investment Sensitivity to Stock Price, and the Learning Hypothesis

• 成果类型: Article
• 署名作者: Foucault, Thierry; Fresard, Laurent
• 署名单位: Hautes Etudes Commerciales (HEC) Paris; University System of Maryland; University of Maryland College Park
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhs093
• 发表日期: 2012
• 页码: 3305
• 关键词: CORPORATE GOVERNANCE; MARKET; equity; return; Informativeness; RECOGNITION; disclosure; OWNERSHIP; Exchanges; liquidity

摘要

Cross-listed firms in the United States have a higher investment-to-price sensitivity than do firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish afterward. Moreover, it does not appear to be primarily driven by improvements in governance, disclosure, and access to capital associated with a U.S. cross-listing. Instead, we argue that a cross-listing enhances managers' reliance on stock prices because it makes stock prices more informative to them. Consistent with this explanation, U.S. cross-listings that are more likely to strengthen the informativeness of stock prices for managers feature a higher investment-to-price sensitivity.