Please use this identifier to cite or link to this item: https://hdl.handle.net/2440/84684
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
Provenance: This electronic version is made publicly available by the University of Adelaide in accordance with its open access policy for student theses. Copyright in this thesis remains with the author. This thesis may incorporate third party material which has been used by the author pursuant to Fair Dealing exceptions. If you are the owner of any included third party copyright material you wish to be removed from this electronic version, please complete the take down form located at: http://www.adelaide.edu.au/legals
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