Specialist Trading and the Price Discovery Process of NYSE-Listed Non-US Stocks

Topics:
Investment and Capital Markets,
Pricing Strategy
Tags:
Discovery,
Finance,
Investment,
New York Stock Exchange,
Stock
Source:
Financial Management Association International

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Overview: This paper examines the contribution of US trading to the price discovery process of 64 British and French companies cross-listed on NYSE. Large samplea are used to examine the factors which may affect the US contribution to price discovery, by focusing analysis on the role of the information environment of NYSE specialists who make market in non-US securities. Strong evidence is found that concentration of stocks from a given country in an individual specialist increases the US share in price discovery through the reduction in information asymmetries.

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Format: PDF | Size: 292KB | Date: Nov 2004 | Pages: 32

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