Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies

doi:10.1016/j.pacfin.2015.12.004

UM > Faculty of Business Administration > DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS

Residential College	false
Status	已發表Published
	Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies
	Kot, H. W.; Tam, H. K.
	2016-02-01
Source Publication	Pacific-Basin Finance Journal
ABS Journal Level	2
ISSN	0927-538X
Volume	36 Pages:31-45
Abstract	We study how the information and trading environments of Hong Kong-listed Chinese companies (H-share firms) change once the companies return to the China A-share markets for listing. We examine the stock price synchronicity, liquidity commonality, and stock liquidity after dual-listing and investigate three channels related to possible changes. We find that added A-share analyst coverage influences the stock liquidity, but not the price synchronicity or liquidity commonality. Moreover, Qualified Direct Institutional Investors' trading affects price synchronicity, liquidity commonality, and stock liquidity while Qualified Foreign Institutional Investors' trading affects price synchronicity and liquidity commonality, but not stock liquidity.
Keyword	H-shares Dual Listings Stock Price Synchronicity Analyst Coverage Liquidity Commonality
DOI	10.1016/j.pacfin.2015.12.004
URL	View the original
Language	英語English
The Source to Article	PB_Publication
Fulltext Access	View Full-Text via DOI View Full-Text via Web of Science
Citation statistics
Document Type	Journal article
Collection	DEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding Author	Kot, H. W.
Affiliation	Faculty of Business Administration, University of Macau
First Author Affilication	Faculty of Business Administration
Corresponding Author Affilication	Faculty of Business Administration
Recommended Citation GB/T 7714	Kot, H. W.,Tam, H. K.. Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies[J]. Pacific-Basin Finance Journal, 2016, 36, 31-45.
APA	Kot, H. W.., & Tam, H. K. (2016). Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies. Pacific-Basin Finance Journal, 36, 31-45.
MLA	Kot, H. W.,et al."Are stock prices more informative after dual-listing in emerging markets? Evidence from Hong Kong-listed Chinese companies".Pacific-Basin Finance Journal 36(2016):31-45.

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