标题: | Investor protection and the liquidity of cross-listed securities: Evidence from the ADR market |
作者: | Chung, HM 资讯管理与财务金融系 注:原资管所+财金所 Department of Information Management and Finance |
关键字: | investor protection;asymmetric information costs;ADR;liquidity;financial crises |
公开日期: | 1-五月-2006 |
摘要: | Using 'American depository receipt' (ADR) data on various countries, this paper sets out to investigate the relationship between investor protection and firm liquidity. Since weak investor protection leads to greater expropriation by managers, and thus greater asymmetric information costs, liquidity providers will incur relatively higher costs and will therefore offer higher bid-ask spreads. The empirical results demonstrate that the liquidity costs of poor investor protection were more significant during the period of the Asian financial crisis when the expected agency costs were particularly severe. This issue is further analyzed by investigating whether there is any evidence of increases in the vulnerability of ADRs of firms operating in countries with relatively poor investor protection mechanisms during periods of financial crisis. (c) 2005 Elsevier B.V. All rights reserved. |
URI: | http://dx.doi.org/10.1016/j.jbankfin.2005.03.021 http://hdl.handle.net/11536/14361 |
ISSN: | 0378-4266 |
DOI: | 10.1016/j.jbankfin.2005.03.021 |
期刊: | JOURNAL OF BANKING & FINANCE |
Volume: | 30 |
Issue: | 5 |
起始页: | 1485 |
结束页: | 1505 |
显示于类别: | Articles |
文件中的档案:
If it is a zip file, please download the file and unzip it, then open index.html in a browser to view the full text content.