scholarly journals Volume Dynamics and Multimarket Trading

2013 ◽  
Vol 48 (2) ◽  
pp. 489-518 ◽  
Author(s):  
Michael Halling ◽  
Pamela C. Moulton ◽  
Marios Panayides
Keyword(s):  
Empirical Evidence ◽  
Insider Trading ◽  
Institutional Ownership ◽  
Large Set ◽  
Order Flow ◽  
Listed Firms ◽  
Cross Listing ◽  
Multiple Markets ◽  
Multimarket Trading

AbstractThe trading of shares of the same firm in multiple markets has become common over the last 30 years, but there is little empirical evidence on the extent to which investors actively exploit multimarket environments. We introduce a volume-based measure of multimarket trading to address this question. Analyzing a large set of cross-listed firms, we find higher multimarket trading among markets with similar designs and strong enforcement of insider trading laws and for firms with higher institutional ownership. These findings are important for firms evaluating the benefits of cross listing and for markets competing for order flow.

Cross-Listings and Voluntary Disclosure: International Evidence

2019 ◽  
Vol 4 (2) ◽  
pp. 89-113 ◽  
Author(s):  
Long Chen ◽  
Yashu Dong ◽  
Jeff Ng ◽  
Albert Tsang
Keyword(s):  
Voluntary Disclosure ◽  
Accounting Standards ◽  
Institutional Ownership ◽  
Management Forecasts ◽  
Listed Firms ◽  
International Evidence ◽  
Management Forecast ◽  
Cross Listing ◽  
International Setting ◽  
Foreign Institutional Investors

This paper examines changes in firms' disclosure behavior around cross-listings. Using an international setting, we find significant differences in management forecast likelihood and frequency between cross-listed firms and firms with similar characteristics but that are not cross-listed; particularly when differences in accounting standards between a cross-listed firm's home and target countries are larger. Further, we find that firms choosing to cross-list in target countries with larger accounting standards differences tend to provide more voluntary disclosure during the two years preceding a new cross-listing, rather than during the earlier time periods or the period after cross-listing, and such voluntary disclosure helps firms attract more foreign institutional ownership in their cross-listing target countries. Collectively, our evidence suggests that although differences in accounting standards across countries deter firms' cross-listing activities, cross-listed firms, by providing more management forecasts voluntarily, preemptively alleviate the information disadvantage faced by foreign institutional investors.

scholarly journals Institutional Ownership, Types of Industry, and Income Smoothing: Empirical Evidence from Indonesia

2018 ◽  
Vol 6 (1) ◽  
pp. 1-12
Author(s):  
Eko Suyono
Keyword(s):  
Panel Data ◽  
Empirical Evidence ◽  
Stock Exchange ◽  
Emerging Market ◽  
Control Variable ◽  
Institutional Ownership ◽  
Income Smoothing ◽  
Company Size ◽  
Listed Firms ◽  
Ownership Types

This paper aims to evaluate the influence of institutional ownership and types of industry on income smoothing in the Indonesian listed firms. Basing on the literature and using panel data approach, it examines 112 firms listed on the Indonesia Stock Exchange during 2012 to 2016 periods  (i.e., 560 observations).  By using OLS regression to test the hypotheses, the result shows that institutional ownership does not influence significantly on income smoothing practice.  Moreover, types of industry do not influence on income smoothing practices, except for consumer goods industry which influences significantly on income smoothing practice.  With regard to the company size as a control variable, the result shows that company size influences positively on income smoothing practice.  Therefore, this study contributes in providing empirical evidence on the link between institutional ownership, types of industry, and income smoothing practice in emerging market context (i.e., Indonesia).

Caught On Tape: Predicting Institutional Ownership with Order Flow

2004 ◽  
Author(s):  
John Y. Campbell ◽  
Tuomo Vuolteenaho ◽  
Tarun Ramadorai
Keyword(s):  
Institutional Ownership ◽  
Order Flow

scholarly journals The Impact of Working Capital Management on Firm Profitability: Empirical Evidence from the Polish Listed Firms

2020 ◽  
Vol 14 (1) ◽  
pp. 9
Author(s):  
Sorin Anton ◽  
Anca Afloarei Nucu
Keyword(s):  
Empirical Evidence ◽  
Ordinary Least Squares ◽  
Optimum Level ◽  
Capital Management ◽  
Working Capital ◽  
Working Capital Management ◽  
Listed Firms ◽  
Firm Profitability ◽  
Break Even Point ◽  
The Impact

The purpose of this study is to investigate the relationship between working capital and firm profitability for a sample of 719 Polish listed firms over the period of 2007–2016. The scarcity of empirical evidence for emerging economies and the importance of working capital efficiency motivate the research on the working capital–financial performance relationship. The paper adopts a quantitative approach using different panel data techniques (ordinary least squares, fixed effects, and panel-corrected standard errors models). The empirical results report an inverted U-shape relationship between working capital level and firm profitability, meaning that working capital has a positive effect on the profitability of Polish firms to a break-even point (optimum level). After the break-even point, working capital starts to negatively affect firm profitability. The study brings theoretical and practical contributions. It extends and complements the literature on the field by highlighting new evidence on the non-linear interrelation between working capital management (WCM) and corporate performance in Poland. From the practitioners’ perspective, the results highlight the importance of WCM for firm profitability.

scholarly journals Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?

2006 ◽  
Vol 96 (3) ◽  
pp. 552-576 ◽  
Author(s):  
Philippe Bacchetta ◽  
Eric van Wincoop
Keyword(s):  
Exchange Rate ◽  
Empirical Evidence ◽  
Rational Expectations ◽  
Exchange Rate Volatility ◽  
Order Flow ◽  
Macroeconomic Variables ◽  
Symmetric Information ◽  
Macroeconomic Fundamentals ◽  
The Exchange Rate ◽  
Exchange Rate Changes

Empirical evidence shows that most exchange rate volatility at short to medium horizons is related to order flow and not to macroeconomic variables. We introduce symmetric information dispersion about future macroeconomic fundamentals in a dynamic rational expectations model in order to explain these stylized facts. Consistent with the evidence, the model implies that (a) observed fundamentals account for little of exchange rate volatility in the short to medium run, (b) over long horizons, the exchange rate is closely related to observed fundamentals, (c) exchange rate changes are a weak predictor of future fundamentals, and (d) the exchange rate is closely related to order flow.

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