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Conference Paper: Cross-listing and the pricing efficiency: the informational and anchoring role played by the reference price

TitleCross-listing and the pricing efficiency: the informational and anchoring role played by the reference price
Authors
KeywordsCross-listing
Segmented market
Anchoring
IPO underpricing
Issue Date2009
Citation
The 2009 Annual Meeting of the European Financial Management Association, Milan, Italy, 24-27 June 2009. How to Cite?
AbstractFor a firm cross-listed in multiple markets, the price of the first-issued share serves as a reference in the pricing process of the subsequently-issued share.We argue that the reference has both an informational and an anchoring aspect, and that the relative importance of the anchoring effect increases with the noisiness of the reference.We examine a group of Chinese firms that first issued foreign shares and then domestic A-shares. Besides its informational role, the foreign share price is hypothesized to be a downside anchor such that the A-share offer price is biased downward. Empirical results support the dual-role hypotheses.
DescriptionSession G6: International Finance II
Persistent Identifierhttp://hdl.handle.net/10722/63290

 

DC FieldValueLanguage
dc.contributor.authorChang, ECen_HK
dc.contributor.authorRen, Jen_HK
dc.date.accessioned2010-07-13T04:20:24Z-
dc.date.available2010-07-13T04:20:24Z-
dc.date.issued2009en_HK
dc.identifier.citationThe 2009 Annual Meeting of the European Financial Management Association, Milan, Italy, 24-27 June 2009.-
dc.identifier.urihttp://hdl.handle.net/10722/63290-
dc.descriptionSession G6: International Finance IIen_HK
dc.description.abstractFor a firm cross-listed in multiple markets, the price of the first-issued share serves as a reference in the pricing process of the subsequently-issued share.We argue that the reference has both an informational and an anchoring aspect, and that the relative importance of the anchoring effect increases with the noisiness of the reference.We examine a group of Chinese firms that first issued foreign shares and then domestic A-shares. Besides its informational role, the foreign share price is hypothesized to be a downside anchor such that the A-share offer price is biased downward. Empirical results support the dual-role hypotheses.-
dc.languageengen_HK
dc.relation.ispartofAnnual Meeting of the European Financial Management Association-
dc.subjectCross-listing-
dc.subjectSegmented market-
dc.subjectAnchoring-
dc.subjectIPO underpricing-
dc.titleCross-listing and the pricing efficiency: the informational and anchoring role played by the reference priceen_HK
dc.typeConference_Paperen_HK
dc.identifier.emailChang, EC: ecchang@business.hku.hken_HK
dc.identifier.emailRen, J: renjinjuan@hotmail.comen_HK
dc.identifier.hkuros166677en_HK

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