| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP8331 |
| DP8331 Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis | |
| Thierry Foucault; Laurent Frésard | |
| 发表日期 | 2011-04-01 |
| 出版年 | 2011 |
| 语种 | 英语 |
| 摘要 | We show that the sensitivity of corporate investment to stock price is higher for firms cross-listed in the U.S. than for firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish over time after this date. Moreover, the impact of a U.S. cross-listing on the investment-to-price sensitivity is stronger for firms that rank high on measures of governance quality, which suggests that our finding is not primarily driven by the improvement in corporate governance associated with a U.S cross-listing. Instead, we argue that a cross-listing enhances managers? reliance on stock prices because it makes stock prices more informative to managers. In support of this learning hypothesis, we find that the positive impact of a U.S. cross-listing on the investment-to-price sensitivity is higher when a cross-listing is more likely to stimulate trading based on information new to managers. |
| 主题 | Financial Economics |
| 关键词 | Cross-listing Investment-to-price sensitivity Managerial learning Price informativeness |
| URL | https://cepr.org/publications/dp8331 |
| 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/537158 |
| 推荐引用方式 GB/T 7714 | Thierry Foucault,Laurent Frésard. DP8331 Cross-Listing, Investment Sensitivity to Stock Price and the Learning Hypothesis. 2011. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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