Information Asymmetry between America Depositary Receipts and Their Underlying Securities in Segmented Markets Affects Stock Prices
碩士 === 國立臺北商業技術學院 === 商學研究所 === 97 === Recently, many companies raise capital in the United States by issuing American Depositary Receipts (ADR), and it s interesting that information asymmetry between segmented markets how to affect stock prices. And few papers argue that information asymmetry affe...
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| Format: | Others |
| Language: | zh-TW |
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2009
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| Online Access: | http://ndltd.ncl.edu.tw/handle/96363055681566675067 |
| Summary: | 碩士 === 國立臺北商業技術學院 === 商學研究所 === 97 === Recently, many companies raise capital in the United States by issuing American Depositary Receipts (ADR), and it s interesting that information asymmetry between segmented markets how to affect stock prices. And few papers argue that
information asymmetry affects the stock prices, The purpose of this paper is examining information asymmetry between America depositary receipts and their underlying securities in segmented markets affects stock prices.
We estimate several information asymmetry measures including the price impact coefficient, stock turnover and ask-bid spread and use them to examine. The empirical results show that information asymmetry degrees between ADR and their underlying securities market are different, and these measures can explain information asymmetry how to affect stock prices in segmented markets.
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