Stock exchange disclosure and market development: An analysis of 50 international exchanges

• 成果类型: Article
• 署名作者: Frost, CA; Gordon, EA; Hayes, AF
• 署名单位: State University of New York (SUNY) System; University at Buffalo, SUNY; Rutgers University System; Rutgers University New Brunswick; Rutgers University Newark; Rutgers University System; Rutgers University New Brunswick; University System of Ohio; Ohio State University
• 刊物名称: JOURNAL OF ACCOUNTING RESEARCH
• ISSN/ISSBN: 0021-8456
• DOI: 10.1111/j.1475-679X.2006.00208.x
• 发表日期: 2006
• 页码: 437-483
• 关键词: investor protection; INFORMATION; STANDARDS; LEGAL; cost; LAW

摘要

This study examines associations between measures of stock exchange disclosure and market development at 50 of the member stock exchanges of the World Federation of Exchanges. We focus on stock exchange disclosure systems (rather than actual company disclosures) because this approach links stock exchange policy with desired outcomes related to market development (such as liquidity, trading activity, and market size relative to gross domestic product). We find strong support for the hypothesis that the strength of the disclosure system (disclosure rules, monitoring, and enforcement) is positively associated with market development, after controlling for legal system, legal protection of investors, market size, and several other potentially relevant explanatory variables.