US cross-listing and corporate disclosure policy

Guy Charest, Jean-Claude Cosset, Ahmed Marhfor and M’Zali, Bouchra

Journal of Multinational Financial Management, 2013, vol. 23, issue 1, 97-112

Abstract: We investigate whether cross-listing in the US contributes to impound more earnings information into stock prices. Our results indicate that US exchange cross-listings are not associated with more future earnings news reflected in current prices, in accord with the view that such mechanism does not improve the information environment of non-US firms. This main finding is robust to many aspects of our methodology.

Keywords: Stock price informativeness; US cross-listings; Earnings response coefficients; Bonding hypothesis; Avoiding hypothesis; Corporate governance (search for similar items in EconPapers)
JEL-codes: G15 G34 G38 (search for similar items in EconPapers)
Date: 2013
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Persistent link: https://EconPapers.repec.org/RePEc:eee:mulfin:v:23:y:2013:i:1:p:97-112

DOI: 10.1016/j.mulfin.2012.11.002

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