On price difference of A+H companies
نویسندگان
چکیده
Purpose For Chinese companies that cross-list in A share and Hong Kong (H share) markets, the H price has been consistently lower than by an average of 85% recent years. This is puzzling because most institutional differences between two markets have eliminated since 2007. The purpose this study to explain puzzle difference A+H companies. Design/methodology/approach Using all firms period 2007–2013 a simultaneous equations approach, identifies three new explanations for difference. Findings First, utilizing unique earning quality measure directly related non-persistent components fair value accounting under International Financial Reporting Standards (IFRS), finds earnings quality, relative price, hence greater Second, higher myopic investor ownership firms, larger price. Third, short-selling mechanism introduced market 2010 helps reduce Originality/value AH which remains substantial even after standards were eliminated. we examine impact implementation IFRS emerging on pricing cross-listed shares reveal it can induce unintended negative consequence shares. contributes literature short sales providing its mitigating role across different markets. Finally, makes improvements research design, utilizes approach minimizes endogeneity concern.
منابع مشابه
The Impact Of Divestitures On Companies Share Price And Operating Performance For Companies Listed On The JSE
متن کامل
Scaling of the distribution of price fluctuations of individual companies.
We present a phenomenological study of stock price fluctuations of individual companies. We systematically analyze two different databases covering securities from the three major U.S. stock markets: (a) the New York Stock Exchange, (b) the American Stock Exchange, and (c) the National Association of Securities Dealers Automated Quotation stock market. Specifically, we consider (i) the trades a...
متن کاملSurvey of Price-Setting Behaviour of Canadian Companies
In many mainstream macroeconomic models, sticky prices play an important role in explaining the effects of monetary policy on the economy. Various theories have been set forth to explain why prices are sticky. This study takes a firm-level survey approach, in a spirit similar to Blinder et al. (1998), to shed some light on the question of why prices are sticky. In particular, the Bank of Canada...
متن کاملanalysis of ruin probability for insurance companies using markov chain
در این پایان نامه نشان داده ایم که چگونه می توان مدل ریسک بیمه ای اسپیرر اندرسون را به کمک زنجیره های مارکوف تعریف کرد. سپس به کمک روش های آنالیز ماتریسی احتمال برشکستگی ، میزان مازاد در هنگام برشکستگی و میزان کسری بودجه در زمان وقوع برشکستگی را محاسبه کرده ایم. هدف ما در این پایان نامه بسیار محاسباتی و کاربردی تر از روش های است که در گذشته برای محاسبه این احتمال ارائه شده است. در ابتدا ما نشا...
15 صفحه اولeffect of oral presentation on development of l2 learners grammar
this experimental study has been conducted to test the effect of oral presentation on the development of l2 learners grammar. but this oral presentation is not merely a deductive instruction of grammatical points, in this presentation two hypotheses of krashen (input and low filter hypotheses), stevicks viewpoints on grammar explanation and correction and widdowsons opinion on limited use of l1...
15 صفحه اولذخیره در منابع من
با ذخیره ی این منبع در منابع من، دسترسی به آن را برای استفاده های بعدی آسان تر کنید
ژورنال
عنوان ژورنال: Zhongguo Kuaiji yu caiwu yanjiu
سال: 2022
ISSN: ['1029-807X', '2307-3055']
DOI: https://doi.org/10.1108/cafr-02-2022-0012