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Type: Thesis
Title: Cross-listing and firm-specific information: evidence from Chinese A-shares and H-shares.
Author: Li, Shan
Issue Date: 2014
School/Discipline: Business School
Abstract: I examine the impact of cross-listing on firm-specific information utilizing the unique features of the Chinese capital markets. By separating the trading activity of domestic Chinese investors from that of foreign non-Chinese investors, this thesis is able to isolate each investor group’s relative ability to impound firm-specific information into stock prices. I show that the cross-listed H-shares traded by foreign investors incorporate significantly more firm-specific information than their A-share counterparts traded by domestic Chinese investors. I find a similar pattern between H-shares and A-shares even after a 2007 regulatory change that allowed domestic Chinese investors to trade in the H-share market. This finding suggests that while institutional factors (e.g., stricter listing rules, stronger investor protection) can explain some of the benefits of cross-listing, foreign investors’ ability to utilize firm-specific information plays a separate and distinct role in generating cross-listing benefits. The level of information improvement due to foreign investors depends on the quality of the cross-listed firm’s corporate governance.
Advisor: Zurbruegg, Ralf
Brockman, Paul
Dissertation Note: Thesis (Ph.D.) -- University of Adelaide, Business School, 2014
Keywords: cross-listing; firm-specific information; corporate governance
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Appears in Collections:Research Theses

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