US cross-listing and corporate disclosure policy

We investigate whether cross-listing in the US contributes to impound more earnings information into stock prices. Our results indicate that US exchange cross-listings are not associated with more future earnings news reflected in current prices, in accord with the view that such mechanism does not improve the information environment of non-US firms. This main finding is robust to many aspects of our methodology.

► We examine whether US cross-listings improve the flow of private information into stock prices.
► We find that cross-listing in the US is not associated with more future earnings news reflected in current prices.
► Our findings suggest that US cross-listings do not improve stock price informativeness.