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The Certification Role of Listings

Draus, Sarah (2009), The Certification Role of Listings, EFMA 2009, 2009-06, Milan, Italie

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EFMA2009_0600_fullpaper.pdf (396.0Kb)
Type
Communication / Conférence
Date
2009
Conference title
EFMA 2009
Conference date
2009-06
Conference city
Milan
Conference country
Italie
Pages
36
Metadata
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Author(s)
Draus, Sarah
Abstract (EN)
I propose a model in which firms can convey their quality by listing on a stock exchange. To list, firms must comply with costly listing requirements allowing investors to recognize imperfectly their quality. A profit maximizing exchange may set listing requirements leading to high information efficiency in equilibrium. However, this is strongly linked to market conditions and firm characteristics. The information content of a listing depends not only on the level of listing requirements, but also on the characteristics of firms incited to list. High listing requirements are not a guarantee for the highest efficiency and the latter may be achieved with low requirements. Whether information efficiency is socially desirable depends on compliance costs and forgone growth opportunities which reduce welfare. The analysis yields implications for the choice of the listing locations by firms, as well as the organization of stock markets.
Subjects / Keywords
Certification; Efficiency; Listing Costs; Stock Markets; Regulation
JEL
G18 - Government Policy and Regulation
G14 - Information and Market Efficiency; Event Studies; Insider Trading

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