Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
Does One Size Fit All? The Consequences of Switching Markets with Different Regulatory Standards
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一种尺寸适合所有人吗？
DOI：
10.1111/j.1468-036x.2013.12021.x
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发表时间：
2008
期刊：
影响因子：
--
通讯作者：
T. Ramadorai
中科院分区：
文献类型：
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作者：
T. Jenkinson;T. Ramadorai
随着对上市公司的监管收紧，许多公司已转向监管要求较低的证券交易所。我们分析了在监管制度不同的两个伦敦市场之间转换的小型上市公司的后果。转向较轻监管经验的公司，平均而言，负面公告回报率约为5%。然而，在转换后，股票回报率有一个长期的向上漂移。我们将这些财务回报与转换后几年的经营业绩改善联系起来，这表明对于一些公司及其投资者来说，较宽松的监管环境可能是合适的。
As the regulation of public companies has tightened, many companies have switched to stock exchanges with lower regulatory requirements. We analyse the consequences for smaller quoted companies of switching between the two London markets, which differ in their regulatory regimes. Firms that switch to lighter regulation experience, on average, negative announcement returns of approximately 5%. However there is a longer-term upward drift in stock returns after the switch. We relate these financial returns to improvements in operating performance in the years following the switch, suggesting that for some companies, and their investors, a lighter regulatory environment may be appropriate.