دانلود رایگان مقاله لاتین اثر بازار خارجی اضافی بر سهام از سایت الزویر
عنوان فارسی مقاله:
تاثیر حضور بازار خارجی اضافی در حجم معاملات سهام مبادله شده بین سهامداران
عنوان انگلیسی مقاله:
The effect of additional foreign market presence on the trading volume of cross-listed/traded stocks
سال انتشار : 2016
برای دانلود رایگان مقاله اثر بازار خارجی اضافی بر سهام اینجا کلیک نمایید.
بخشی از مقاله انگلیسی:
2. Literature review and hypothesis development
2.1. Effect of additional foreign listing/trading on trading volume Several empirical evidences show an increase in trading volume after cross-listing in the standard setting of dual-listed stocks (Foerster and Karolyi, 1993; Mittoo, 1997; Smith and Sofianos, 1997; Abdallah et al., 2011). The improvement in stock liquidity after listing or trading abroad can be explained as follow. First, a more liquid trading environment could be expected as an outcome of increased investor recognition and stock visibility (Merton, 1987). This latter suggests that firms can expand their shareholders’ base by increasing the firm’s visibility by making the stock more available to investors. Abdallah et al. (2011) report that cross-listing enables firms to extend their shareholders’ base and consequently raise funds easily. Empirically, Baker et al. (2002) show that cross-listing increase firm’s visibility and facilitate investors’ recognition. Foerster and Karolyi (1999) show that cross-listing increase firm’s shareholders’ base by 28.8%. Second, the intensified inter-market competition for order flow and the increased production of firm specific information as a consequence of the greater number of market participants trading the stock are likely to reduce information asymmetry (Glosten and Milgrom, 1985). Fernandes and Ferreira (2008) show that the level of private information incorporated in the stock price increase after cross-listing as a result of the change in the quality of the information environment. As suggested by Leuz and Verrecchia (2000), stock liquidity is expected to improve if the firm’s information environment improves. Kyle (1985) shows that trading volume increase with information arrival. Noronha et al. (1996) show that the increase in trading volume after cross-listing is driven by the increase in informed trading. Hence, we can expect that trading volume increase after additional foreign listing or trading as an outcome of expanded shareholder base and decreased information asymmetry. We have so the following hypothesis: H1a. Additional cross-listing/trading increases trading volume. H1b. The increase intrading volume after additional cross-listing/trading ismore importantforhighorders oflisting/trading abroad. When firms are cross-listed or cross-traded in foreign(s) market(s), a higher level of trading volume is expected due to the decrease of information asymmetry since higher number of market participants is trading the stock. However, and compared to cross-listing, the stock does not commit to additional disclosure requirements after cross-trading. Therefore, cross-listing improves firm’s information environment because of the need to meet the mandatory foreign listing and disclosure requirements (Leuz and Verrecchia, 2000; Brown and Hillegeist, 2007), which, in turn, is expected to increase trading volume (Kyle, 1985; Diamond and Verrecchia, 1991). Empirically, several studies show thatimproved information disclosure leads to higher trading volume (Welker, 1995; Healy et al., 1999; Heflin et al., 2000; Leuz and Verrecchia, 2000; Krishnamurti et al., 2005). Bailey et al. (2006) show that cross-listing in the US is associated with a significant increase in trading volume as a consequence of the change in firm level disclosure. We can then expect that cross-listing leads to a higher trading volume than cross-trading due to additional disclosure requirement. We have so the following hypothesis: H1c. Additional cross-listing results in the highest trading volume compared to additional cross-trading.
برای دانلود رایگان مقاله اثر بازار خارجی اضافی بر سهام اینجا کلیک نمایید.
کلمات کلیدی:
Price, Liquidity, Volatility, and Volume of Cross-listed Stocks - Durham ... etheses.dur.ac.uk/867/ by O DODD - 2011 - Cited by 5 - Related articles Jun 2, 2011 - Price, Liquidity, Volatility, and Volume of Cross-listed Stocks ... trading volumes across both the domestic and foreign stock markets where the ... variation in the information environment of cross-listed and cross-traded stocks, ... [PDF]Cross-Country Listing and Trading Volume - University of Manitoba home.cc.umanitoba.ca/~umittoo/publications/.../MittooJIFMA1997.pdf by UR Mittoo - 1997 - Cited by 37 - Related articles When a TSE security is cross-listed, both trading volume and stock turn- over, the number ... eign equity trades on the NYSE, AMEX, and NASDAQ reached $715. The effect of additional foreign market presence on trading volume of ... https://www.researchgate.net/.../289504029_The_effect_of_additional_foreign_market_... The effect of additional foreign market presence on trading volume of cross-listed/traded stocks on ResearchGate, the professional network for scientists. Price, Liquidity, Volatility, and Volume of Cross-listed Stocks - CiteSeerX citeseerx.ist.psu.edu/viewdoc/download?doi=10.1.1.935.6911&rep=rep1&type... by O Dodd - 2011 - Cited by 5 - Related articles liquidity and volatility of cross-listed/traded stocks comes primarily from the intensified .... The determinants of the foreign trading volume of cross-listed stocks. Information, Trading Volume, and International Stock Return ... - JStor https://www.jstor.org/stable/40505976 by L Gagnon - 2009 - Cited by 85 - Related articles for those cross-listed stocks subject to the risk of greater informed trading. Our empirical ... Some motivate a role for volume of trade by unanticipated liquidity and. U.K. and U.S. Trading of British Cross-Listed Stocks: An Intraday ... https://rfs.oxfordjournals.org/content/9/2/619.full There is a 2-hour period each day when cross-listed stocks are traded both in ... traces out the stylized U-shaped intraday pattern for volatility, trading volume, ... [PDF]The Correlation Between Cross-Listing Premia, US Stock Prices, and ... https://law.utexas.edu/wp.../25/litvak_correlation_between_cross_listing_premia.pdf by K Litvak - Cited by 3 - Related articles firm's trading volume which takes place in the US; (b) firm stock price .... listed foreign firms with high volumes of US trading trade at a significant premium. This is ...
