Bailey, Warren
[VerfasserIn]
;
Mao, Connie X.
[Sonstige Person, Familie und Körperschaft];
Sirodom, Kulpatra
[Sonstige Person, Familie und Körperschaft]
Investment Restrictions and the Cross-Border Flow of Information
: Some Empirical Evidence
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 19, 2004 erstellt
Beschreibung:
We examine market responses to earnings announcements in Singapore and Thailand, where shares restricted to local investors trade alongside otherwise identical shares available to foreigners. Our evidence is consistent with foreigners having superior information processing ability, rather than locals having pre-announcement private information. A small sample of Thai data that identifies trader nationality shows reduced foreign trading in the pre announcement period and increased buying afterwards, suggesting that foreigners rely on their information processing skills rather than pre announcement information