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Medientyp:
E-Book
Titel:
The Domestic Market Institutional Quality and Microstructure of Investor Recognition Benefits of Cross Listed Firms
:
Evidence of Cross Listed Firms from BRICS Countries
Beschreibung:
While cross listing is an integral part of firm visibility, no attention has been paid to domestic market institutional environment and microstructure of investor behaviour after financial market integration. This study examines the relationship between domestic market institutional quality and investor recognition of cross-listed firms from emerging markets countries. In contrast to post cross listing investor recognition assumption of fractional market model, using data cross-listed firms from BRICS bloc between 2000 to 2020. Our findings suggest that the domestic market institutional quality associated with larger improvement on investor recognition of cross-listed firms in a short-run (during the cross-listing year) and in a long-run (3years after the cross-listing year) in consistent with Merton (1987) investor recognition hypothesis (IRH) assertion. Our findings extend the significant of home country institutional environment on the investors heterogeneity in explaining market anomalies