Investor Protection, Cross Listings and Opportunistic Earnings Management
نویسندگان
چکیده
This paper, based on the Brockman and Chung (2003) framework, tests the hypothesis that H-shares registered under Chinese law (with lower level of investor protection and legal enforcement) are associated with higher levels of opportunistic earnings management than local shares registered under Hong Kong law, which are traded on the same Hong Kong equity market. The results using a sample of 853 industrial firms in the Hong Kong equity market during the period 1994-1999 also support the hypothesis that the positive association between H-shares and opportunistic earnings management is significantly weaker for firms that list their shares in the US, a jurisdiction with a higher level of investor protection and more stringent reporting requirements.
منابع مشابه
DP2012-13 (Revised)
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