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Article: Strategic disclosure and stock returns: Theory and evidence from US cross-listing

TitleStrategic disclosure and stock returns: Theory and evidence from US cross-listing
Authors
Issue Date2009
PublisherOxford 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?
AbstractWhen 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 Identifierhttp://hdl.handle.net/10722/188459
ISSN
2015 Impact Factor: 3.119
2015 SCImago Journal Rankings: 9.925
SSRN
ISI Accession Number ID
References

 

DC FieldValueLanguage
dc.contributor.authorGoto, Sen_US
dc.contributor.authorWatanabe, Men_US
dc.contributor.authorXu, Yen_US
dc.date.accessioned2013-09-03T04:07:43Z-
dc.date.available2013-09-03T04:07:43Z-
dc.date.issued2009en_US
dc.identifier.citationReview Of Financial Studies, 2009, v. 22 n. 4, p. 1585-1620en_US
dc.identifier.issn0893-9454en_US
dc.identifier.urihttp://hdl.handle.net/10722/188459-
dc.description.abstractWhen 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.languageengen_US
dc.publisherOxford University Press. The Journal's web site is located at http://rfs.oxfordjournals.org/en_US
dc.relation.ispartofReview of Financial Studiesen_US
dc.titleStrategic disclosure and stock returns: Theory and evidence from US cross-listingen_US
dc.typeArticleen_US
dc.identifier.emailXu, Y: yanxuj@hku.hken_US
dc.identifier.authorityXu, Y=rp01799en_US
dc.description.naturelink_to_subscribed_fulltexten_US
dc.identifier.doi10.1093/rfs/hhn013en_US
dc.identifier.scopuseid_2-s2.0-65349165690en_US
dc.relation.referenceshttp://www.scopus.com/mlt/select.url?eid=2-s2.0-65349165690&selection=ref&src=s&origin=recordpageen_US
dc.identifier.volume22en_US
dc.identifier.issue4en_US
dc.identifier.spage1585en_US
dc.identifier.epage1620en_US
dc.identifier.isiWOS:000264397900007-
dc.publisher.placeUnited Kingdomen_US
dc.identifier.ssrn906132-
dc.identifier.scopusauthoridGoto, S=36709699800en_US
dc.identifier.scopusauthoridWatanabe, M=55686666800en_US
dc.identifier.scopusauthoridXu, Y=36711141200en_US

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