| Summary: | 碩士 === 元智大學 === 財務金融暨會計碩士班(財務金融學程) === 103 === This research studies the impact of international cross listing on the price informativeness for U.K. stocks. Idiosyncratic volatility is used as a proxy for price informativeness in view that a group of studies on international finance finds stock idiosyncratic volatility to increase with price informativeness. The empirical results of this study indicate that cross listing on an U.S. exchange generally decreases the price informativeness for U.K. stocks. This finding, though inconsistent with the notion of bonding hypothesis, is in line with the argument that different accounting standards would mislead the judgment of investor, as suggested by Lang, Raedy and Wilson (2006).
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