dc.contributor.author Dodd, O
dc.date.accessioned 2011-07-22T02:07:57Z
dc.date.accessioned 2012-05-03T21:06:03Z
dc.date.accessioned 2012-05-03T21:06:11Z
dc.date.available 2011-07-22T02:07:57Z
dc.date.available 2012-05-03T21:06:03Z
dc.date.available 2012-05-03T21:06:11Z
dc.date.copyright 2011-04-07
dc.date.issued 2011-07-22
dc.identifier.citation 2011 FMA Asian Conference held at Massey University, Queenstown, NZ, 2011-04-06 to 2011-04-08
dc.identifier.uri http://hdl.handle.net/10292/4100
dc.description.abstract This study examines the impact of cross-listing and multimarket trading on the stock’s information environment. Cross-listing is associated with additional mandatory disclosure requirements and, thus, is expected to reduce information asymmetry between management and investors and among different groups of investors. Empirical findings confirm that the quality of information environment, measured by stock liquidity and price volatility, is improved after listing on a foreign exchange. Additionally, I distinguish between cross-listing and admission to trade on a foreign exchange or cross-trading, which, in contrast to cross-listing, does not entail additional disclosure. Contrary to expectations, the difference in the impact of cross-listing and cross-trading on the stock liquidity and price volatility is not significant. This finding suggests that the improvement in the information environment of crosslisted/ traded stocks comes primarily from the intensified competition among traders rather than from mandatory disclosure requirements.
dc.publisher Financial Managemement Association (FMA)
dc.relation.replaces http://hdl.handle.net/10292/1498
dc.relation.replaces 10292/1498
dc.relation.replaces http://hdl.handle.net/10292/4099
dc.relation.replaces 10292/4099
dc.relation.uri http://www.fma.org/NewZealand/Papers/Dodd2010EconomicConsequencesofInternationalCross-listingandMultimarketTrading.pdf
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dc.subject Information asymmetry; Cross-listing; Cross-trading; Stock liquidity; Volatility
dc.title Economic consequences of international cross-listing and multimarket trading
dc.type Conference Contribution
dc.rights.accessrights OpenAccess
dark.contributor.author Dodd, O
aut.conference.type Oral Presentation - Paper Presentation

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