The DOI matches its Crossref record; 86 of the 86 references it cites were found in a registry or an index.
Cross-Listing, Investment Sensitivity to Stock Price, and the Learning Hypothesis
Abstract
Cross-listed firms in the United States have a higher investment-to-price sensitivity than do firms that never cross-list. This difference is strong, does not exist prior to the cross-listing date, and does not vanish afterward. Moreover, it does not appear to be primarily driven by improvements in governance, disclosure, and access to capital associated with a U.S. cross-listing. Instead, we argue that a cross-listing enhances managers' reliance on stock prices because it makes stock prices more informative to them. Consistent with this explanation, U.S. cross-listings that are more likely to strengthen the informativeness of stock prices for managers feature a higher investment-to-price sensitivity. The Author 2012. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. For Permissions, please e-mail: journals.permissions@oup.com., Oxford University Press.
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Cites
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Petersen, M. A. (2009) · Review of Financial Studies · doi:10.1093/rfs/hhn053 · Cited by 10,746
Legal Determinants of External Finance
LA PORTA, R., LOPEZ‐DE‐SILANES, F., SHLEIFER, A., & VISHNY, R. W. (1997) · The Journal of Finance · doi:10.1111/j.1540-6261.1997.tb02727.x · Cited by 9,783
Financial Dependence and Growth
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Financing Constraints and Corporate Investment
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New Evidence on Measuring Financial Constraints: Moving Beyond the KZ Index
Hadlock, C. J., & Pierce, J. R. (2010) · Review of Financial Studies · doi:10.1093/rfs/hhq009 · Cited by 5,533
Financing Constraints and Corporate Investment
Fazzari, S., Hubbard, R. G., & Petersen, B. (1987) · National Bureau of Economic Research · doi:10.3386/w2387 · Cited by 4,351
Market Timing and Capital Structure
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Cited by
Learning from peers' stock prices and corporate investment
Foucault, T., & Fresard, L. (2014) · Journal of Financial Economics · doi:10.1016/j.jfineco.2013.11.006 · Cited by 623
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Metadata
- Authors
- Foucault, T., & Frésard, L.
- Venue
- Review of Financial Studies
- Publisher
- Oxford University Press (OUP)
- Published
- 2012-09-01
- Volume
- 25
- Issue
- 11
- Pages
- 3305-3350
- ISSN
- 0893-9454 (ISSN-L)
- 1465-7368
- OpenAlex
- W3122831220
- Cited by
- 336
- References
- 86
- FWCI
- 32.47
- Type
- journal article
- Language
- en
- Open access
- closed
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