Information-based trade in Russia and the effects of listing abroad |
| |
Authors: | Marco Wölfle |
| |
Institution: | (1) Institute for Research in Economic Evolution, University of Freiburg, Platz der Alten Synagoge (KGII), 79085 Freiburg, Germany |
| |
Abstract: | This paper offers empirical evidence about transaction cost in Russia. After relating empirical measures of information and
liquidity to corporate characteristics, competitive theories about cross-listings are tested. Since cross-listings generate
competitive effects on transaction costs, potential to affect price discovery exists. The results reveal a lower share of
private information for cross-listed firms since more transparent accounting standards reduce the incentives to collect superior
information. Robustness for the evidence presented in favor of the legal bonding hypothesis is provided by those firms which
list with the highest Russian standards. Measures of information-based trade are lower and the likelihood of listing abroad
is significantly higher. |
| |
Keywords: | |
本文献已被 SpringerLink 等数据库收录! |
|