Economic consequences of international cross-listing and multimarket trading

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aut.conference.typeOral Presentation - Paper Presentation
aut.researcherDodd, Olga
dark.contributor.authorDodd, O
dc.contributor.authorDodd, O
dc.date.accessioned2011-07-22T02:07:57Z
dc.date.accessioned2012-05-03T21:06:03Z
dc.date.accessioned2012-05-03T21:06:11Z
dc.date.available2011-07-22T02:07:57Z
dc.date.available2012-05-03T21:06:03Z
dc.date.available2012-05-03T21:06:11Z
dc.date.copyright2011-04-07
dc.date.issued2011-04-07
dc.description.abstractThis study examines the impact of cross-listing and multimarket trading on the stock’s information environment. Cross-listing is associated with additional mandatory disclosure requirements and, thus, is expected to reduce information asymmetry between management and investors and among different groups of investors. Empirical findings confirm that the quality of information environment, measured by stock liquidity and price volatility, is improved after listing on a foreign exchange. Additionally, I distinguish between cross-listing and admission to trade on a foreign exchange or cross-trading, which, in contrast to cross-listing, does not entail additional disclosure. Contrary to expectations, the difference in the impact of cross-listing and cross-trading on the stock liquidity and price volatility is not significant. This finding suggests that the improvement in the information environment of crosslisted/ traded stocks comes primarily from the intensified competition among traders rather than from mandatory disclosure requirements.
dc.identifier.citation2011 FMA Asian Conference held at Massey University, Queenstown, NZ, 2011-04-06 to 2011-04-08
dc.identifier.urihttps://hdl.handle.net/10292/4100
dc.publisherFinancial Managemement Association (FMA)
dc.relation.replaceshttp://hdl.handle.net/10292/1498
dc.relation.replaces10292/1498
dc.relation.replaceshttp://hdl.handle.net/10292/4099
dc.relation.replaces10292/4099
dc.relation.urihttp://www.fma.org/NewZealand/Papers/Dodd2010EconomicConsequencesofInternationalCross-listingandMultimarketTrading.pdf
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dc.rights.accessrightsOpenAccess
dc.subjectInformation asymmetry
dc.subjectCross-listing
dc.subjectCross-trading
dc.subjectStock liquidity
dc.subjectVolatility
dc.titleEconomic consequences of international cross-listing and multimarket trading
dc.typeConference Contribution
pubs.organisational-data/AUT
pubs.organisational-data/AUT/Business & Law
pubs.organisational-data/AUT/Business & Law/Finance
pubs.organisational-data/AUT/Business & Law/Finance/Finance PBRF 2012
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