Does international cross-listing improve the information environment

• 成果类型: Article
• 署名作者: Fernandes, Nuno; Ferreira, Miguel A.
• 署名单位: Universidade Catolica Portuguesa; Instituto Universitario de Lisboa
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2007.06.002
• 发表日期: 2008
• 页码: 216-244
• 关键词: Cross-listing; firm-specific stock return variation; Emerging markets; ANALYST COVERAGE

摘要

We investigate whether cross-listing in the U.S. affects the information environment for non-U.S. stocks. Our findings suggest cross-listing has an asymmetric impact on stock price informativeness around the world, as measured by firm-specific stock return variation. Cross-listing improves price informativeness for developed market firms. For firms in emerging markets, however, cross-listing decreases price informativeness. The added analyst coverage associated with cross-listing likely explains the findings in emerging markets, rather than changes in liquidity, ownership, or accounting quality. Our results indicate that the added analyst coverage fosters the production of marketwide information, rather than firm-specific information. (C) 2008 Elsevier B.V. All rights reserved.