Testing for micro-structure effects of international dual listings using intraday data

Article Abstract:

Previous studies suggest that international stocks will experience significant declines in prices whenever they are dually listed in other stock exchanges. However, an analysis of the liquidity of several New York Stock Exchange- and American Stock Exchange-listed stocks that were listed on the London or Tokyo Stock Exchanges showed that spreads did not decrease following their dual listings. However, the depth of quotes for such stocks increased. The results suggest that increased levels of informed trading increased the cost of providing liquidity, which helped sustain the value of spreads.

Securities and Commodity Exchanges, Security and commodity exchanges, Securities Exchanges, Research, Stocks, Stock-exchange, Exchanges, Corporations, Securities listing, Valuation, Liquidity (Finance)

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The monitoring rationale for dividends and the interaction of capital structure and dividend decisions

Article Abstract:

An agency-cost framework is developed to determine simultaneously the capital structure and dividend decisions of a firm. Simultaneity in the model is dependent on the applicability of Easterbrook's monitoring rationale for paying dividends. Estimations of the Rozeff specification for dividend payout legitimized the sample-specific validity of the monitoring rationale. A simultaneous equation derived showed that simultaneity between capital structure and dividend decisions exists only for the subsample where the monitoring rationale for dividends is applicable.

Analysis, Infrastructure (Economics), Economic aspects, Dividends, Business enterprises, Capital

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Foreign exchange exposure of exporting and importing firms

Article Abstract:

Managers and investors require reliable and economically meaningful measures of a firm's foreign exchange exposure to make their hedging and risk management decisions. The estimates of total exposure that jointly incorporates the firm-specific cash flow effects and the residual exposure that attempts to isolate the firm-specific cash flow effects are discussed.

United States, Management dynamics, Multinational Corporations, Management, International business enterprises, Hedging (Finance), Company business management

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