English, Article, Journal or magazine article edition: Disclosure Requirements and Stock Exchange Listing Choice in an International Context John S. Hughes; Steven Huddart; Markus K Brunnermeier

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Bookmark: http://trove.nla.gov.au/version/44925
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Disclosure Requirements and Stock Exchange Listing Choice in an International Context
Author
  • John S. Hughes
  • Steven Huddart
  • Markus K Brunnermeier
Physical Description
  • preprint
Notes
  • We use a rational expectations model to examine how public disclosure requirements affect listing decisions by rent-seeking corporate insiders, and allocation decisions by liquidity traders seeking a minimize trading costs. We find that exchanges competing for trading volume engage in a ¶race for the top¶ whereunder disclosure requirements increase and trading costs fall. This result is robust to diversification incentives of risk-averse liquidity traders, institutional impediments that restrict the flow of liquidity, and listing costs. Under certain conditions, unrestricted liquidity flows to low disclosure exchanges. The consequences of cross-listing and harmonization of disclosure standards are modelled.
  • RePEc:fmg:fmgdps:dp282
Language
  • English
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