The Impact of Cross‐Listing on the Home Market's Information Environment and Stock Price Efficiency
研究了美国交叉上市如何改善公司在本土市场的信息环境和股价效率，发现这种改善在萨班斯-奥克斯利法案后更强，支持法律与声誉绑定假说。
Abstract We empirically examine changes in information asymmetry and informational efficiency of cross‐listed stocks in their home market around a cross‐listing in the United States. We estimate intraday market microstructure measures of information asymmetry and price efficiency, and find that a U.S. cross‐listing significantly improves the quality of a firm's information environment and stock price efficiency in the home market. This improvement is stronger for cross‐listings that take place after the adoption of Sarbanes‐Oxley Act. Our results demonstrate that stricter disclosure from a U.S. cross‐listing is beneficial, in line with the legal and reputational bonding hypotheses.