Cross-Listing, Firm-Specific Information, and Corporate Governance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cross-Listing, Firm-Specific Information, and Corporate Governance write by Shan Li. This book was released on 2014. Cross-Listing, Firm-Specific Information, and Corporate Governance available in PDF, EPUB and Kindle. We examine the impact of cross-listing on firm-specific information utilizing the unique features of the Chinese capital markets. By separating the trading activity of domestic Chinese investors from that of foreign non-Chinese investors, we are able to isolate each investor group's relative ability to impound firm-specific information into stock prices. We show that the cross-listed H-shares traded by foreign investors incorporate significantly more firm-specific information than their A-share counterparts traded by domestic Chinese investors. We find a similar pattern between H-shares and A-shares even after a 2007 regulatory change that allowed domestic Chinese investors to trade in the H-share market. This finding suggests that while institutional factors (e.g., stricter listing rules, stronger investor protection) can explain some of the benefits of cross-listing, foreign investors' ability to utilize firm-specific information plays a separate and distinct role in generating cross-listing benefits. The level of information improvement due to foreign investors depends on the quality of the cross-listed firm's corporate governance.
Cross-listing and Firm-specific Information
Cross-listing and Firm-specific Information - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cross-listing and Firm-specific Information write by Shan Li. This book was released on 2013. Cross-listing and Firm-specific Information available in PDF, EPUB and Kindle. I examine the impact of cross-listing on firm-specific information utilizing the unique features of the Chinese capital markets. By separating the trading activity of domestic Chinese investors from that of foreign non-Chinese investors, this thesis is able to isolate each investor group's relative ability to impound firm-specific information into stock prices. I show that the cross-listed H-shares traded by foreign investors incorporate significantly more firm-specific information than their A-share counterparts traded by domestic Chinese investors. I find a similar pattern between H-shares and A-shares even after a 2007 regulatory change that allowed domestic Chinese investors to trade in the H-share market. This finding suggests that while institutional factors (e.g., stricter listing rules, stronger investor protection) can explain some of the benefits of cross-listing, foreign investors' ability to utilize firm-specific information plays a separate and distinct role in generating cross-listing benefits. The level of information improvement due to foreign investors depends on the quality of the cross-listed firm's corporate governance.
Cross Listing and Firm Value - Corporate Governance or Market Segmentation? An Empirical Study of the Stock Market
Cross Listing and Firm Value - Corporate Governance or Market Segmentation? An Empirical Study of the Stock Market - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Cross Listing and Firm Value - Corporate Governance or Market Segmentation? An Empirical Study of the Stock Market write by Andy G. Ji. This book was released on 2007. Cross Listing and Firm Value - Corporate Governance or Market Segmentation? An Empirical Study of the Stock Market available in PDF, EPUB and Kindle. This study investigates the economic consequences of cross-listing on the Chinese stock market. We argue that by adopting a higher disclosure standard through cross-listing firms voluntarily commit themselves to reducing information asymmetry. As a result, cross-listed firms are able to benefit from growth opportunities with less appropriated cash flow and lower cost of capital. The empirical evidence shows that cross-listed firms indeed command higher valuations than their non-cross-listed counterparts, after controlling for certain firm-specific attributes. This lends support to the corporate governance hypothesis of cross-listing on the Chinese stock market. The study also argues that an overall upgrading of accounting standards cannot substitute for the cross-listing mechanism.
Investor Protection and Corporate Governance
Investor Protection and Corporate Governance - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook Investor Protection and Corporate Governance write by Alberto Chong. This book was released on 2007. Investor Protection and Corporate Governance available in PDF, EPUB and Kindle. Análise comparativa sobre corporação, admistração financeira, investimento na América Latina, em especial nos seguintes países: Argentina, Brasil, Chile, Colômbia, México, Venezuela.
International Cross-listing, Firm Performance and Top Management Turnover
International Cross-listing, Firm Performance and Top Management Turnover - read free eBook in online reader or directly download on the web page. Select files or add your book in reader. Download and read online ebook International Cross-listing, Firm Performance and Top Management Turnover write by Ugur Lel. This book was released on 2006. International Cross-listing, Firm Performance and Top Management Turnover available in PDF, EPUB and Kindle.
