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US cross-listing and corporate disclosure policy

Author

Listed:
  • Charest, Guy
  • Cosset, Jean-Claude
  • Marhfor, Ahmed
  • M’Zali, Bouchra

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.

Suggested Citation

  • Charest, Guy & Cosset, Jean-Claude & Marhfor, Ahmed & M’Zali, Bouchra, 2013. "US cross-listing and corporate disclosure policy," Journal of Multinational Financial Management, Elsevier, vol. 23(1), pages 97-112.
    • Handle: RePEc:eee:mulfin:v:23:y:2013:i:1:p:97-112
    DOI: 10.1016/j.mulfin.2012.11.002
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    More about this item

    Keywords

    Stock price informativeness; US cross-listings; Earnings response coefficients; Bonding hypothesis; Avoiding hypothesis; Corporate governance;
    All these keywords.

    JEL classification:

    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G34 - Financial Economics - - Corporate Finance and Governance - - - Mergers; Acquisitions; Restructuring; Corporate Governance
    • G38 - Financial Economics - - Corporate Finance and Governance - - - Government Policy and Regulation

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