Tests of the Value Line ranking system: some international evidence

Article Abstract:

A study was conducted on the Value Line Investment Survey's predictive ability in recommending foreign stocks. The rank changes of 31 firms based outside North America and ranked by Value Line during the period Jan. 1980-Dec. 1986 were analyzed. Results showed that Value Line rank changes may provide information on the market concerning foreign stocks with very good or very poor prospects. Value Line's failure to match its international recommendations from domestic ones was not found to be caused by problems in forecasting exchange rates.

Analysis, Forecasts and trends, Investment analysis, Securities analysis, Value Line Investment Survey (Periodical)

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A note on the transmission of public information across international stock markets

Article Abstract:

Public information affects the volatility of international stock markets. Specifically, the absence of price information due to the closing of the US market affects both volatility and trading volume in the Canadian market. This implies that information or stocks from the US have a greater impact on other markets while the reverse may not be true. Investors, therefore, apparently look to the US market for leadership and macro-market information.

Security and commodity exchanges, United States, Telecommunications systems, Stock exchanges

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Disclosure environment and listing on foreign stock exchanges

Article Abstract:

The factors that influence a company's listing of its stock on a foreign stock market are studied using a signalling model. Results show that foreign companies list their shares in exchanges with strict disclosure requirements such as the New York Stock Exchange due to the perception that benefits will outweigh compliance costs. Listing in a strict environment signals to investors the management's confidence in future profitability.

International business enterprises, Multinational corporations, Securities listing, Disclosure (Securities law)

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