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Stock price informativeness, cross-listings and investment decisions Author info | Abstract | Publisher info | Download info | Related research | Statistics Foucault, Thierry ()
Gehrig, Thomas ()
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In this paper, the authors show that a cross-listing allows a firm to make better investment decisions because it enhances stock price informativeness.
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Paper provided by Groupe HEC in its series Les Cahiers de Recherche with number
840.
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Length: 40 pages
Date of creation: 01 Apr 2006Date of revision:
Handle: RePEc:ebg:heccah:0840Contact details of provider: Postal: HEC Business School, 78351 Jouy-en-Josas cedex, France Web page: http://www.hec.fr/hec/eng/index.html More information through EDIRC
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Keywords: Cross-listings cross-listings premium price informativeness investment decisions flow-back ownership. Other versions of this item:
Article Foucault, Thierry & Gehrig, Thomas, 2008.
"Stock price informativeness, cross-listings, and investment decisions ,"
Journal of Financial Economics ,
Elsevier, vol. 88(1), pages 146-168, April.
[Downloadable!] (restricted) Paper Find related papers by JEL classification: D92 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Firm Choice and Growth, Investment, or Financing G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
This paper has been announced in the following NEP Reports :
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G. Karolyi, 2006.
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Dow, James & Gorton, Gary, 1997.
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"Competition and cooperation among exchanges: A theory of cross-listing and endogenous listing standards ,"
Journal of Financial Economics ,
Elsevier, vol. 82(2), pages 455-489, November.
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Bert Menkveld, 2001.
"Splitting Orders in Fragmented Markets ,"
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Ross Levine & Sergio Schmukler, 2006.
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Other versions: Holmstrom, Bengt & Tirole, Jean, 1993.
"Market Liquidity and Performance Monitoring ,"
Journal of Political Economy ,
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Gehrig, Thomas, 1993.
" An Information Based Explanation of the Domestic Bias in International Equity Investment ,"
Scandinavian Journal of Economics ,
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Research Program in Finance Working Papers
RPF-271, University of California at Berkeley.
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Blanchard, Olivier & Rhee, Changyong & Summers, Lawrence, 1993.
"The Stock Market, Profit, and Investment ,"
The Quarterly Journal of Economics ,
MIT Press, vol. 108(1), pages 115-36, February.
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Other versions:
Olivier Blanchard & Changyong Rhee & Lawrence Summers, 1990.
"The Stock Market, Profit and Investment ,"
NBER Working Papers
3370, National Bureau of Economic Research, Inc.
[Downloadable!] (restricted) Blanchard, O. & Rhee, C. & Summers, L., 1990.
"The Stock Market, Profit And Investment ,"
RCER Working Papers
233, University of Rochester - Center for Economic Research (RCER).
Bruno Biais & Isabelle Martinez, 2004.
"Price Discovery across the Rhine ,"
Review of Finance ,
Springer, vol. 8(1), pages 49-74.
[Downloadable!]
Other versions: Thierry Foucault & Christine A. Parlour, 2004.
"Competition for Listings ,"
RAND Journal of Economics ,
The RAND Corporation, vol. 35(2), pages 329-355, Summer.
Noronha, Gregory M. & Sarin, Atulya & Saudagaran, Shahrokh M., 1996.
"Testing for micro-structure effects of international dual listings using intraday data ,"
Journal of Banking & Finance ,
Elsevier, vol. 20(6), pages 965-983, July.
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Art Durnev & Randall Morck & Bernard Yeung, 2004.
"Value-Enhancing Capital Budgeting and Firm-specific Stock Return Variation ,"
Journal of Finance ,
American Finance Association, vol. 59(1), pages 65-105, 02.
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Avanidhar Subrahmanyam & Sheridan Titman, 1999.
"The Going-Public Decision and the Development of Financial Markets ,"
Journal of Finance ,
American Finance Association, vol. 54(3), pages 1045-1082, 06.
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Patrick Bolton & Ernst-Ludwig von Thadden, 1998.
"Blocks, Liquidity, and Corporate Control ,"
Journal of Finance ,
American Finance Association, vol. 53(1), pages 1-25, 02.
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Other versions: Marco Pagano & Ailsa A. Roell & Joseph Zechner, 1999.
"The Geography of Equity Listing; Why Do Companies List Abroad? ,"
CSEF Working Papers
28, Centre for Studies in Economics and Finance (CSEF), University of Salerno, Italy, revised 01 Dec 2000.
[Downloadable!]
Other versions:
Pagano, Marco & Röell, Ailsa A & Zechner, Josef, 2001.
"The Geography of Equity Listing: Why Do Companies List Abroad? ,"
CEPR Discussion Papers
2681, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002.
"The Geography of Equity Listing: Why Do Companies List Abroad? ,"
Journal of Finance ,
American Finance Association, vol. 57(6), pages 2651-2694, December.
[Downloadable!] (restricted)
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references Cited by : (explanations , Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile , click on "citations" and make appropriate adjustments.)
Sergio L. Schmukler & Stijn Claessens, 2007.
"International Financial Integration Through Equity Markets: Which Firms from Which Countries Go Global? ,"
IMF Working Papers
07/138, International Monetary Fund.
[Downloadable!]
Other versions:
Claessens, Stijn & Schmukler, Sergio, 2007.
"International Financial Integration through Equity Markets: Which Firms from Which Countries Go Global? ,"
CEPR Discussion Papers
6137, C.E.P.R. Discussion Papers.
[Downloadable!] (restricted) Claessens, Stijn & Schmukler, Sergio L., 2007.
"International financial integration through equity markets : which firms from which countries go global ? ,"
Policy Research Working Paper Series
4146, The World Bank.
[Downloadable!] Claessens, Stijn & Schmukler, Sergio L., 2007.
"International financial integration through equity markets: Which firms from which countries go global? ,"
Journal of International Money and Finance ,
Elsevier, vol. 26(5), pages 788-813, September.
[Downloadable!] (restricted) Wölfle, Marco, 2007.
"Price Discovery for Cross-Listed Securities from Emerging Eastern European Countries ,"
ZEW Discussion Papers
07-067, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
[Downloadable!]
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