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- Publisher Website: 10.1093/rfs/hhn013
- Scopus: eid_2-s2.0-65349165690
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Article: Strategic disclosure and stock returns: Theory and evidence from US cross-listing
Title | Strategic disclosure and stock returns: Theory and evidence from US cross-listing |
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Authors | |
Issue Date | 2009 |
Publisher | Oxford University Press. The Journal's web site is located at http://rfs.oxfordjournals.org/ |
Citation | Review Of Financial Studies, 2009, v. 22 n. 4, p. 1585-1620 How to Cite? |
Abstract | When a firm exercises discretion to disclose or withhold information (strategic disclosure), risk-averse investors command higher expected returns when expected cash flows decrease, producing a negative correlation between these expectations. Moreover, stock returns exhibit stronger reversal than they do when full disclosure is enforced. We propose a model that makes these predictions and provide consistent evidence using a panel of foreign firms that list American Depositary Receipts (ADRs). We find significant shifts in the time-series properties of stock returns for firms that undergo large changes in disclosure environments, such as those cross-listing on the NYSE/AMEX/NASDAQ and those from less-developed/emerging markets and code-law countries. (JEL G14, G15, F30). |
Persistent Identifier | http://hdl.handle.net/10722/188459 |
ISSN | 2023 Impact Factor: 6.8 2023 SCImago Journal Rankings: 17.654 |
SSRN | |
ISI Accession Number ID | |
References |
DC Field | Value | Language |
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dc.contributor.author | Goto, S | en_US |
dc.contributor.author | Watanabe, M | en_US |
dc.contributor.author | Xu, Y | en_US |
dc.date.accessioned | 2013-09-03T04:07:43Z | - |
dc.date.available | 2013-09-03T04:07:43Z | - |
dc.date.issued | 2009 | en_US |
dc.identifier.citation | Review Of Financial Studies, 2009, v. 22 n. 4, p. 1585-1620 | en_US |
dc.identifier.issn | 0893-9454 | en_US |
dc.identifier.uri | http://hdl.handle.net/10722/188459 | - |
dc.description.abstract | When a firm exercises discretion to disclose or withhold information (strategic disclosure), risk-averse investors command higher expected returns when expected cash flows decrease, producing a negative correlation between these expectations. Moreover, stock returns exhibit stronger reversal than they do when full disclosure is enforced. We propose a model that makes these predictions and provide consistent evidence using a panel of foreign firms that list American Depositary Receipts (ADRs). We find significant shifts in the time-series properties of stock returns for firms that undergo large changes in disclosure environments, such as those cross-listing on the NYSE/AMEX/NASDAQ and those from less-developed/emerging markets and code-law countries. (JEL G14, G15, F30). | en_US |
dc.language | eng | en_US |
dc.publisher | Oxford University Press. The Journal's web site is located at http://rfs.oxfordjournals.org/ | en_US |
dc.relation.ispartof | Review of Financial Studies | en_US |
dc.title | Strategic disclosure and stock returns: Theory and evidence from US cross-listing | en_US |
dc.type | Article | en_US |
dc.identifier.email | Xu, Y: yanxuj@hku.hk | en_US |
dc.identifier.authority | Xu, Y=rp01799 | en_US |
dc.description.nature | link_to_subscribed_fulltext | en_US |
dc.identifier.doi | 10.1093/rfs/hhn013 | en_US |
dc.identifier.scopus | eid_2-s2.0-65349165690 | en_US |
dc.relation.references | http://www.scopus.com/mlt/select.url?eid=2-s2.0-65349165690&selection=ref&src=s&origin=recordpage | en_US |
dc.identifier.volume | 22 | en_US |
dc.identifier.issue | 4 | en_US |
dc.identifier.spage | 1585 | en_US |
dc.identifier.epage | 1620 | en_US |
dc.identifier.isi | WOS:000264397900007 | - |
dc.publisher.place | United Kingdom | en_US |
dc.identifier.ssrn | 906132 | - |
dc.identifier.scopusauthorid | Goto, S=36709699800 | en_US |
dc.identifier.scopusauthorid | Watanabe, M=55686666800 | en_US |
dc.identifier.scopusauthorid | Xu, Y=36711141200 | en_US |
dc.identifier.issnl | 0893-9454 | - |