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The Value of Information in Cross-Listing
Until 2004, the London Stock Exchange allowed firms to be traded in the specialized SEAQ-I platform without the firm's involvement. Trading only required an application by one LSE trading memberExpand
The adverse effects of systematic leakage ahead of official sovereign debt rating announcements
Rating agencies consult with local government officials several days prior to official announcements of sovereign debt rating changes, making information leakage likely. Using cross-country data fromExpand
A Breakdown of the Valuation Effects of International Cross-Listing
It is well known that cross-listing domestic stocks in foreign exchanges has significant valuation effects on the listed company's shares. Using a sample of firms with dual shares, we explore theExpand
Disclosure and the Cost of Capital: Evidence from the Market's Reaction to Firm Voluntary Adoption of IAS
Using a unique international setting where the effects of disclosure on firm value can be measured in a constant regulatory environment and in isolation of other confounding factors, this paper showsExpand
Private Information in Currency Markets
Using daily abnormal currency returns for the universe of countries with flexible exchange rates, we show local currency depreciations ahead of unscheduled, public sovereign debt downgradeExpand
Do Indirect Investment Barriers Contribute to Capital Market Segmentation
Using a sample of emerging market closed-end funds, I find evidence that indirect investment barriers exert powerful effects on asset pricing differences across countries. I show that not only doExpand
The Valuation Effects of Firm Voluntary Adoption of International Accounting Standards
This paper documents a positive, statistically and economically significant effect of increased disclosure, in general, and IAS adoption, in particular, on firm value. We find strong positiveExpand
Closed-End Country Funds and International Diversification
Using data from 1993 to 2002 for eight developed and fifteen emerging markets, we find that return correlations, mean-variance spanning, and Sharpe ratio tests support that closed-end country fundsExpand
Disclosure vs. Legal Bonding: Can Increased disclosure substitute for Cross-Listing ♣ ?
Using a large sample of international firms from thirty-seven countries we find that firms that voluntarily adopt International Accounting Standards (IAS) and firms that cross-list on US exchangesExpand
News and Intraday Retail Investor Order Flow in Foreign Exchange Markets
This paper examines the trading behavior of individual investors using a proprietary intraday dataset of a large pool of retail investor aggregate (minute by minute) long and short positions inExpand