| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5721 |
| DP5721 Foreign Aid and Fiscal Policy | |
| Riccardo Faini | |
| 发表日期 | 2006-06-23 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | We show that a cross-listing allows a firm to make better investment decisions because it enhances stock price informativeness. This theory of cross-listings yields a rich set of new predictions. In particular, it implies that the sensitivity of investment to stock prices should be larger for cross-listed firms. Moreover, the increase in value generated by a cross-listing (the 'cross-listing premium') should be positively related to the size of growth opportunities and negatively related to the quality of managerial information. The sensitivity of the cross-listing premium to the size of growth opportunities increases when holdings and trading become more evenly distributed between foreign and domestic markets. Last, we show that concentration of trading in the home market ('flow-back') can indeed increase the cross-listing premium for some firms. |
| 主题 | Financial Economics |
| 关键词 | Cross-listings Cross-listing premium Price informativeness Investment decisions Flow-back Ownership |
| URL | https://cepr.org/publications/dp5721 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534566 |
| 推荐引用方式 GB/T 7714 | Riccardo Faini. DP5721 Foreign Aid and Fiscal Policy. 2006. |
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