Cross‐listing on the Hong Kong Exchange and Chinese firm innovation: New evidence

This chapter examines the potential discrepancies in the regulation applied to overseas issuers, as opposed to domestic issuers, of four leading financial centers. They are New York, London, Hong Kong, and Singapore. It consists of three substantive sections. The first section will reviews existing literature and empirical evidence concerning the motivations and current state of cross-listing. The second section examines the listing route for an overseas issuer and inquires how it might differ from a domestic listing in the host country. This chapter particularly concerns the potential discrepancies of rules between a foreign listing and a domestic listing and asks if those discrepancies would lead to better or inferior investor protection. The third section examines the continuing regulation of foreign-listed companies, reviewing some regulatory concerns involving cross-listed companies and discussing what can be done to curb the problems, for instance, through regulatory cooperation between home and host regulators.

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An Application of Variance-Ratio Test of Five Asian Stock Markets

Review of Pacific Basin Financial Markets and Policies ◽

10.1142/s0219091599000175 ◽

1999 ◽

Vol 02 (03) ◽

pp. 301-315 ◽

Cited By ~ 21

Author(s):

M. Imam Alam ◽

Tanweer Hasan ◽

Palani-Rajan Kadapakkam

Keyword(s):

Hong Kong ◽

Sri Lanka ◽

Emerging Market ◽

Stock Index ◽

Ratio Test ◽

Variance Ratio ◽

Long Period ◽

Variance Ratio Test ◽

New Evidence ◽

Stock Index Returns

In the present study the variance-ratio test developed by Lo and MacKinlay (1988, and 1989) is applied to monthly stock index returns of five Asian markets that are in different stages of development. The markets examined are Bangladesh, Hong Kong, Malaysia, Sri Lanka and Taiwan. Although previous studies have examined the efficiency issues of the markets in Hong Kong, Malaysia, Sri Lanka and Taiwan, the empirical evidence is often contradictory. The current study looks at the efficiency issues of these markets over a sufficiently long period of time (November 1986 — December 1995) using more appropriate methodology and type of data. Also, this study is the first to provide new evidence on an emerging market in Asia — Bangladesh. Results reported in this study indicate that the index return series of all the sample markets except Sri Lanka do follow a random walk.

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Accounting Quality, Earnings Management and Cross-Listings: Evidence from China

Review of Pacific Basin Financial Markets and Policies ◽

10.1142/s0219091512500099 ◽

2012 ◽

Vol 15 (02) ◽

pp. 1250009 ◽

Cited By ~ 12

Author(s):

Li Li Eng ◽

Ying Chou Lin

Keyword(s):

United States ◽

Hong Kong ◽

Earnings Management ◽

Financial Reporting ◽

Reporting Quality ◽

The United States ◽

Good News ◽

Chinese Firms ◽

Cross Listing

This paper examines the quality of financial reporting of Chinese firms cross-listed in the United States, Hong Kong and noncross-listed Chinese firms. We examine quality of financial reporting based on measures of earnings management, timely loss recognition and price-earnings association. We find that both cross-listings and noncross-listings show significant earnings smoothing and use accruals to manage earnings, and are not timely in loss recognition. We surmise that cross-listing in the United States or Hong Kong has not changed the accounting choices of Chinese cross-listing firms. However, our findings show that the market considers earnings and book value data of cross-listing firms to be more informative than those of noncross-listing firms in the event of good news. Our contribution is to show that in contrast to previous literature, firms from China do not have better reporting quality when they cross-list in the United States. There are still significant accounting deficiencies in many Chinese firms cross-listed in the United States (Financial Times, 2011).

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Explaining attitudes toward immigrants from Mainland China in Hong Kong

Asian and Pacific Migration Journal ◽

10.1177/0117196818790572 ◽

2018 ◽

Vol 27 (3) ◽

pp. 273-298 ◽

Cited By ~ 8

Author(s):

Siu-yau Lee ◽

Kee-lee Chou

Keyword(s):

Hong Kong ◽

Representative Sample ◽

Telephone Survey ◽

Mainland China ◽

Relative Influence ◽

Negative Attitudes ◽

Attitudes Toward Immigrants ◽

Self Interest ◽

New Evidence ◽

China Region

The tension between immigrants from Mainland China and Hong Kong locals has intensified in recent years. Using an original telephone survey that interviewed a representative sample of the Hong Kong population, this article evaluates three major explanations—economic self-interest, sociotropic concerns and psychological dispositions—for anti-immigrant sentiments. The findings suggest that negative attitudes toward immigrants are significantly related to sociotropic concerns. More importantly, such concerns are more prevalent among respondents who have a strong “Hong Konger” identity. Overall, this article presents new evidence for evaluating the relative influence of different factors in the formation of immigration attitudes in the Greater China region.

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Firm innovation synergy and its system dynamic model: a case study from a top Chinese firm

2004 IEEE International Engineering Management Conference (IEEE Cat. No.04CH37574) ◽

10.1109/iemc.2004.1407153 ◽

2005 ◽

Author(s):

Q.R. Xu ◽

Z.S. Xie ◽

Z.R. Yang

Keyword(s):

Dynamic Model ◽

System Dynamic ◽

System Dynamic Model ◽

Firm Innovation ◽

Chinese Firm ◽

Innovation Synergy

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Cross-Listing, Firm Valuation, and Corporate Governance

International Cross-Listing of Chinese Firms ◽

10.4018/978-1-4666-5047-3.ch004 ◽

2013 ◽

pp. 108-154

Keyword(s):

New York ◽

Corporate Governance ◽

Hong Kong ◽

Firm Value ◽

Stock Exchange ◽

Firm Valuation ◽

Stock Exchanges ◽

Refined Theory ◽

Bonding Theory ◽

Cross Listing

This chapter examines a unique dataset, which, to the best of my knowledge, has not hitherto been used. It concerns the relationship between corporate governance and firm value in the context of Chinese firms cross-listed on major international exchanges, which include the NASDAQ, the New York Stock Exchange (NYSE), the Hong Kong Main Board, the Hong Kong Growth Enterprise Market (GEM), the Singapore Stock Exchange, and the London Alternative Investment Market (AIM). The study is grounded in the bonding theory, which asserts that stringent corporate governance requirements imposed by overseas regulations enhance firm value. Contrary to this theory, firms listed on stock exchanges in mainland China alone command significantly better value than those that are cross-listed on overseas stock exchanges. This results in the conclusion that the general bonding theory cannot adequately explain how cross-listing affects firm valuation in the Chinese context, and thus a refined theory is required.

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