The local market perception of firm risks during cross‐listing events
研究了本地投资者在跨境上市事件前后对企业特有风险的看法变化，发现不同上市方式和市场来源的风险变化模式不同。
Abstract We examine the local investors’ perceptions on the relative idiosyncratic risks around cross‐listing events. We find that increases in relative firm‐specific risks around the listing date are temporary and small for Level I American depositary receipts (ADRs) while Level III ADRs have the most variations. For exchange‐listed ADRs from emerging markets, there is a significant decrease in the relative firm‐specific risk in the year prior to listing, which increases during the cross‐listing, while there are only significant increases in relative firm‐specific risks for developed market firms. We interpret these as evidences of negative relationship between firm opaqueness and relative firm‐specific risks.