Cross-Listing, Investment Sensitivity to Stock Price, and the Learning Hypothesis
研究发现，在美国交叉上市的公司，其投资对股价的敏感性高于未交叉上市的公司，且这种差异并非主要源于治理改善或融资便利，而是因为交叉上市使股价信息更丰富，增强了管理者对股价的依赖。
Cross-listed firms in the United States have a higher investment-to-price sensitivity than do firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish afterward. Moreover, it does not appear to be primarily driven by improvements in governance, disclosure, and access to capital associated with a U.S. cross-listing. Instead, we argue that a cross-listing enhances managers' reliance on stock prices because it makes stock prices more informative to them. Consistent with this explanation, U.S. cross-listings that are more likely to strengthen the informativeness of stock prices for managers feature a higher investment-to-price sensitivity. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.